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Planning for the worst

Today's news headlines:

'Europe plans for risk that Russia cuts gas supply this year'. The European Union is taking measures to protect its member countries' gas supplies in case Russia cuts off additional countries, with Poland, Bulgaria, and Finland all feeling the pressure. Crucial sectors in the economy such as food will be prioritised, with supply chains already under considerable pressure. A €210bn support package is being formulated to target alternative energy sources to Russia and renewables. (Financial Times)

'China industrial profits fall as lockdown pain spreads'. Coronavirus lockdowns in China are beginning to impact industrial profits, which fell as much as 8.5% in April, marking the sharpest decline since the onset of the pandemic. High raw material costs coupled with strained supply chains have amplified the effect of the zero-Covid strategy employed by Xi Jinping. Goldman Sachs estimates an easing of fiscal policy to boost demand and help relieve downward pressure on companies' bottom lines. (Financial Times)


Asian markets ticked higher overnight while European shares appear relatively mixed to kick off the week's final trading day. The US Dollar Index has fallen ten basis points in early trade while oil prices remain flat on the day.


Federal Open Market Committee member James Bullard speaks: 12:35PM
US Core Personal Consumption Expenditure Price Index m/m: 1:30PM
US Revised University of Michigan Consumer Sentiment: 3:00PM

Interbank rates:

GBP/USD – 1.2626
GBP/EUR – 1.1750
EUR/USD – 1.0747
USD/CAD – 1.2753

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