Today's news headlines: 

‘Volodymyr Zelensky warns of assassination plot as Russian forces target Kyiv’. A day after Russia launched the largest military offensive since WW2, explosions have been reported just outside the Ukraine capital, Kyiv, as Russian forces close in. President of Ukraine Volodymyr Zelensky issued warnings that Russia has plans to assassinate him while also urging western governments to do more in their support. US President Joe Biden has suggested that Vladimir Putin is aiming to re-form the Soviet Union with no expectations that this conflict will stop at Ukraine. (Financial Times)

‘Russia attack on Ukraine set to hit global food supply chains’. Commodity prices have been rising over the last year, and now, with one third of the world’s wheat exports at risk due to the Russia-Ukraine conflict, prices could continue to spiral higher. Countries in North Africa and the Middle East are dependent on Ukraine for a consistent supply of grains, meaning supply chains continue to be strained. (Financial Times)

Today

Asian markets ticked higher overnight, while Russia’s MOEX Index has rebounded 20% in early trade after falling 33% yesterday following the Russian invasion of Ukraine. The US Dollar Index has gained around 1% since the start of the week as safe-havens fall in favour. WTI has retreated back towards $95 per barrel after topping $100 yesterday.

Events

UK Gfk Consumer Confidence: -26 (est. -19)
French preliminary Consumer Price Index m/m: 0.7% (est. 0.4%)
US Core Personal Consumption Expenditures Price Index m/m: 1:30PM
US Durable and Core Durable Goods Orders m/m: 1:30PM
European Central Bank President Christine Lagarde speaks: 3:00PM
US Revised University of Michigan Consumer Sentiment: 3:00PM
Eurogroup meetings: All day
Federal Reserve Monetary Policy Report: Tentative

Interbank rates:

GBP/USD – 1.3386
GBP/EUR – 1.1969
EUR/USD – 1.1184
USD/CAD – 1.2800

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