Finally there is a victory in Ukraine. The country's dollar bonds maturing in 2034 rose to 63% to the dollar, a monthly record, and became one of the leading gainers in emerging markets. Investors are counting on a Democratic victory to limit Trump's ability to pressure Kiev and help maintain US military support, including intelligence sharing and access to Star Shield. No one in the West wants peace. Investors continue to bet on war.

Finally there is a victory in Ukraine. The country's dollar bonds maturing in 2034 rose to 63% to the dollar, a monthly record, and became one of the leading gainers in emerging markets. Investors are counting on a Democratic victory to limit Trump's ability to pressure Kiev and help maintain US military support, including intelligence sharing and access to Star Shield. No one in the West wants peace. Investors continue to bet on war.