... to strategic programs—despite ethical considerations, government funding remains stable even during economic downturns. Political Decisions and Agreements: Negotiations regarding arms control and non-proliferation (or their collapse) can influence market sentiment. For example, the extension or termination of the New START treaty between the USA and Russia in 2026 will signal the direction in which global security is moving. Positive news about diplomatic agreements can reduce the risk premium, while key players exiting treaties heightens uncertainty. Overall, the presence of nuclear weapons forms an invisible backdrop for the global economy. Most investors likely do not factor the ...