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EU agrees Russian oil ban

Today's news headlines:

'EU Leaders Push to Ban Most Russia Oil Over Putin's War'. European Union leaders have agreed to a partial ban on Russian oil. The ban immediately covers over two-thirds of EU oil imports from Russia, extending to 90% by year-end. Previously, Hungary was blocking the ban, asking for assurances that it would still have access to Russian pipelines. EU leaders have now agreed to guarantees for replacement supplies if pipelines are disrupted. (Bloomberg)

'Fed's Waller Backs Half-Point Rate Hike at 'Several' Meetings'. Federal Reserve Governor Christopher Waller said he is not taking 50-basis point hikes off the table until he sees inflation coming down closer to the 2.0% target. With the US fighting the hottest inflation in 40 years, central bankers have signalled another 50-basis point hike at the next two meetings. This comes alongside quantitative tightening, which is expected to reach a monthly pace of $95 billion by September 2022. (Bloomberg)


US and European equity futures slipped overnight while US Treasuries sold off across the curve following Monday's sell-off in European bonds. Oil prices continued to climb, with Brent reaching $124 a barrel overnight, and the US Dollar gained on a trade-weighted basis.


Japanese Jobless Rate (Apr): 2.5% (est. 2.6%)
Japanese Industrial Production (Apr): -1.3% (est. -0.2%)
Chinese Manufacturing Purchasing Managers’ Index (May): 49.6 (est. 49.0)
French Gross Domestic Product QoQ (1Q): -0.2% (est. 0%)
UK Mortgage Approvals (Apr): 9:30PM
Canadian GDP MoM (Mar): 1:30PM
US MNI Chicago PMI (May): 2:45PM
US Conference Board Consumer Confidence (May): 3:00PM

Interbank rates:

GBP/USD – 1.2614
GBP/EUR – 1.1742
EUR/USD – 1.0743
USD/CAD – 1.2674

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