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Johnson raises risk of trade war

Today's news headlines:

‘EU energy groups prepare to meet Vladimir Putin’s terms for Russian gas’. Some of Europe’s big energy companies are arranging to agree to a payment system sought after by the Russian government, undercutting EU sanctions in the process. Gas distributors across Europe are considering opening Russian Rouble accounts at Gazprombank, which could deliver billions of dollars to the Russian economy. (Financial Times)

‘UK plans for Northern Ireland stoke Treasury fears of EU trade war’. British Prime Minister Boris Johnson has been drawing up legislation which would give ministers the power to tear up the post-Brexit trade deal regarding the Northern Ireland protocol. Johnson’s tough new stance has alarmed the Treasury, where officials worry it could worsen the cost-of-living crisis and begin a trade war with the EU. (Financial Times)


US and European equity futures followed Asian stocks higher while sovereign yields dipped. The Japanese Yen continued to slide, breaking the 130 level against the US Dollar, which climbed overnight against a basket of currencies.


Japanese Industrial Production MoM (Mar): 0.5% (est. 0.3%)
Italian Consumer and Manufacturing Confidence (Apr): 9:00AM
German Consumer Price Index YoY (Apr): 1:00PM
US Annualised Gross Domestic Product (Q1): 1:30PM
US Core Personal Consumption Price Index (Q1): 1:30PM
US Initial Jobless Claims (Apr 23): 1:30PM

Interbank rates:

GBP/USD – 1.2552
GBP/EUR – 1.1922
EUR/USD – 1.0528
USD/CAD – 1.2506

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