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Dark day for Europe

Today's news headlines: 

‘Russia Launches Attack on Ukraine in ‘Dark Day’ for Europe’. Overnight, Vladimir Putin ordered Russian troops into Ukraine to ‘demilitarize’ the country, prompting international condemnation and potential retaliation from the West. The Kremlin launched missile, artillery, and air attacks early this morning while Ukraine’s border guard said that they were being shelled from five regions including Crimea in the south and Belarus in the north. G7 leaders will hold a call today to discuss the situation, with German Chancellor Olaf Scholz denouncing the attacks as ‘a blatant violation of international law’. (Bloomberg)

‘ECB May Still Decide on End of QE Despite Ukraine, Makhlouf Says’. The European Central Bank’s governing council member has commented that the ongoing Russia-Ukraine crisis would likely not cause the central bank to rethink plans to wind down asset purchases at a faster rate at its next policy meeting. However, the prospect of higher interest rates is far less clear, with officials preferring to wait beyond March to signal when they might tighten policy. (Bloomberg)


Markets plunged into risk-off mode with the news of Russia’s military action in Ukraine, with equity futures tumbling in the US and Europe. Safe-haven currencies took a leg higher—US Treasuries were in demand, with yields on the ten-year falling over 11bps. Gold climbed 1.5%, and oil jumped over $100 a barrel.


Bank of England Governor Andrew Bailey speaks: 1:15PM
US preliminary Gross Domestic Product q/q: 1:30PM
US Weekly Jobless Claims: 1:30PM
Federal Open Market Committee member Loretta Mester speaks: 5:00PM
FOMC member Huw Pill speaks: 6:00PM

Interbank rates:

GBP/USD – 1.3475
GBP/EUR – 1.1975
EUR/USD – 1.1250
USD/CAD – 1.2795

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.