Today's news headlines:

‘Europe warns Russia faces new sanctions for ‘war crimes’’. European governments are pushing for the European Union to quickly impose new sanctions against Russia following reports of unarmed Ukrainian civilians being killed by Russian troops. New measures that focussed on strengthening existing sanctions were already being finalised by the European Commission, but some nations argue the evidence of war crimes reported by the Ukrainian government is a reason for new, harsher sanctions to be implemented soon. (Bloomberg)

‘FCA to review LME’s suspension, resumption in Nickel trading’. The UK’s Financial Conduct Authority will review the actions taken by the London Metal Exchange in response to the dramatic squeeze in Nickel prices last month. The review will investigate ‘what lessons might be learned in relation to the LME’s governance and market oversight arrangements.’ What’s more, the Bank of England will conduct a review of the LME’s governance and risk management procedures. (Bloomberg)

Today

This morning, the US and European equity futures followed Asian stocks higher, led by the Chinese tech sector, while Treasury yields edged nudged higher. The yield curve also continued to invert, with the 2y yield exceeding the 30y yield for the first time since 2007. Oil prices remain steady at around $100 a barrel.

Events

Melbourne Institute Inflation MoM (Mar): 0.8% (prev. 0.5%)
US Factory Orders (Feb): 3:00PM
US Durable Goods Orders (Feb): 3:00PM

Interbank rates:

GBP/USD – 1.3130
GBP/EUR – 1.1895
EUR/USD – 1.1038
USD/CAD – 1.2495

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