Not far enough

Today's news headlines:

‘Businesses attack UK Chancellor over “sticking plaster” support as costs soar’. Businesses throughout the UK have voiced their discontent over the lack of support announced in Chancellor Rishi Sunak’s latest budget. Smaller businesses are expected to feel the largest impact as energy costs continue to drive higher. The rise in the employment allowance to £5,000 has been received positively as employers can reduce their National Insurance contributions, but the CBI doesn’t expect these measures to be enough to stimulate growth. (Financial Times)

‘US formally determines Russia has committed war crimes in Ukraine’. The US has determined that Russia’s actions in Ukraine can be classified as war crimes after the deliberate targeting of civilians and the bombing of a hospital in Mariupol. US President Joe Biden met with NATO and other G7 leaders yesterday to attempt to win over support for the condemnation of China if the country were to begin supplying weapons to Russia. Ukrainian forces have managed to push back the Russian military around Kyiv as the conflict continues. (Financial Times)


Asian markets drifted lower overnight, while Russian stocks re-opened for limited trading today for a select 33 equities as the MOEX bounced 10%. Oil prices have opened flat this morning while European markets move marginally higher.


German flash Manufacturing and Services PMIs: 8:30AM
European Central Bank Economic Bulletin: 9:00AM
Swiss National Bank Press Conference: 9:30AM
UK flash Manufacturing and Services PMI: 9:30AM
US Durable and Core Durable Goods Orders m/m: 12:30PM
US Unemployment Claims: 12:30PM
Federal Open Market Committee member Christopher Waller speaks: 1:10PM
US flash Manufacturing and Services PMIs: 1:45PM

Interbank rates:

GBP/USD – 1.3188
GBP/EUR – 1.1992
EUR/USD – 1.0998
USD/CAD – 1.2565

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