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Lockdowns in China threaten recovery

Today's news headlines:

‘Shanghai lockdown “will have global effect on almost every trade”’. Coronavirus cases continue to rise in mainland China as President Xi Jinping’s zero-Covid policy looks to threaten the country’s economic recovery. Logistics are facing huge pressure throughout the country, with drivers subject to much stricter testing and flights into Shanghai’s Pudong airport cut to 3% of activity from just a month ago. Around 200 million people are estimated to be under some form of lockdown measures as cases hit their highest level since the pandemic began in 2020. (Financial Times)

‘Fed prepares to slash size of swollen balance sheet by $95bn a month’. The March Federal Open Market Committee meeting minutes were published last night, shedding light on the central bank's plan to start reducing the size of its $9tn balance sheet. The FOMC agreed on a cap of $95bn per month in run-off, comprising $60bn in treasuries and $35bn in mortgage-backed securities. More aggressive rate hikes were also supported with one or more 50 basis-point moves now backed by a number of members. (Financial Times)


Asian markets continued their move lower overnight following a continuation of hawkish sentiment from the US central bank. Shorter dated US bond yields have moved higher this morning while major currency pairs are little changed from yesterday’s session.


German Industrial Production m/m: 0.2% (est. 0.1%)
UK Halifax House Price Index m/m: 1.4% (est. 0.9%)
Eurozone Retail Sales m/m: 10:00AM
European Central Bank Monetary Policy Meeting Accounts: 12:30PM
Monetary Policy Committee member Huw Pill speaks: 1:15PM
US Unemployment Claims: 1:30PM
Federal Open Market Committee member James Bullard speaks: 2:00PM
US Treasury Secretary Janet Yellen speaks: 3:30PM

Interbank rates:

GBP/USD – 1.3103
GBP/EUR – 1.2006
EUR/USD – 1.0914
USD/CAD – 1.2545

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