Indirect talks between Iran and the United States in Geneva ended with what was described as good progress, and the two sides agreed on a set of guiding principles to continue negotiations and exchange draft proposals. Abbas Araghchi said the path of the talks is positive, but a quick agreement is unlikely. Meanwhile, Trump called for an immediate deal and warned that tougher options would be considered if diplomacy fails. The main disagreements still revolve around the nuclear program, sanctions, and missile and regional issues.

Zelensky said Trump is exerting disproportionate pressure on Ukraine to advance a peace agreement and is demanding more concessions from Kyiv than from Moscow. In an interview with Axios, Zelensky said that giving up additional territories, even if requested by Russia, would not be acceptable to Ukrainian public opinion. He emphasized that any plan involving withdrawal beyond the current lines would likely be rejected in a referendum. The Ukrainian president called for stabilizing the situation along the current contact lines, especially in the Donbas region.

UK inflation fell to 3% in January, the lowest level in 10 months, strengthening the case for a rate cut at the Bank of England’s March meeting. Lower fuel prices were the main driver of the decline, although services inflation remains relatively elevated. Members of the Monetary Policy Committee are divided over the timing of rate cuts, but recent data support a downward trend in price pressures. The central bank expects inflation to return to its 2% target in the spring, while signs of labor market weakness are also emerging.

The Reserve Bank of New Zealand kept the interest rate at 2.25%, the lowest level in about three and a half years, and said monetary policy will remain supportive for now. Anna Breman said the economy is still in the early stages of recovery and that premature tightening could weaken growth. Markets, which had expected faster tightening, were disappointed, the New Zealand dollar weakened and expectations for a near-term rate hike declined. The bank forecasts inflation will fall to around 2.3% by the end of 2026, with possibly only a limited increase later in the year.