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Germany to ban Russian oil without EU

Today's news headlines:

‘China’s factories and consumers hit as lockdowns wreak havoc’. Chinese industrial output and consumer spending have slid to their weakest levels since the pandemic began as a result of China’s Covid-zero policy. Major cities have been locked down for several weeks, which has disrupted supply chains and cut off Chinese consumer spending. Policymakers have signalled they will step up support for the economy through fiscal and monetary channels. (Bloomberg)

‘Germany to stop Russian oil imports regardless of EU sanctions’. Germany plans to stop importing Russian oil even if the European Union fails to agree a bloc-wide ban in its next set of sanctions. EU ministers will meet to discuss the next set of sanctions against Russia after Hungary previously objected to an EU ban on Russian oil imports. However, Germany is preparing to stop imports by the end of the year, with the government confident it can solve logistical issues that result from the ban within seven months. (Bloomberg)


US and European equity futures slid this morning after weaker-than-expected Chinese data added to the gloomy global economic outlook. Core European bond yields ticked lower while peripheral nations’ yields edged higher and Brent crude dipped below $110 a barrel.


Chinese Industrial Production YoY (Apr): -2.9% (est. 0.5%)
Chinese Retail Sales YoY (Apr): -11.1% (est. -6.6%)
Canadian Housing Starts (Apr): 1:15PM
US Empire State Manufacturing (May): 1:30PM​​​​​​​

Interbank rates:

GBP/USD – 1.2225
GBP/EUR – 1.1750
EUR/USD – 1.0404
USD/CAD – 1.2965

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