The main events by the morning: May 20

• Yesterday, Putin and Trump had a telephone conversation, which both presidents described as very productive and useful. Putin stressed that Russia supports the cessation of hostilities, but it is necessary to find the most effective ways to achieve peace. Trump, in turn, announced the immediate start of negotiations between Russia and Ukraine, as well as the agreement on the terms of these negotiations.

• At the same time, Trump noted the existence of his «Red Line» in the context of US efforts to resolve the conflict in Ukraine. However, he did not go into details in order not to complicate the negotiation process. The American leader added that if progress is not made in resolving the situation, the United States may transfer its role in this process to Europe.

• Investors underestimate the negative impact of Trump's tariffs on the economy. This was stated by JPMorgan CEO Jamie Dimon, who also noted that even the reduced tariff rate is «quite extreme.» According to him, the recovery of the US stock markets after the announcement of a 90-day pause in duties indicates «an extraordinary degree of complacency.» In the near future, stock markets may fall by 10%, and the country faces a credit crisis.

• The European Union intends to lower the ceiling on Russian oil prices to $50. The EU plans to make such a proposal to the finance ministers of the G7 countries. This decision is due to the fact that global oil prices have declined, and most Russian supplies are already trading below $60 per barrel – Urals crude is sold at a discount to Brent. In this regard, the price ceiling has lost its effectiveness.

• Starting today, the Moscow Stock Exchange launches trading in coffee futures. The main parameters of the new futures contract are: trading code – COFFEE (short code – KC); base asset – Arabica coffee, which is traded on international markets; quotation – $/1 pound; contract lot is 10 pounds (approximately 3,100 rubles); contracts will be executed five times a year – in February, April, June, August and November.