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Russian sanction risk

Today's news headlines: 

‘Biden weighs Russian banking sanctions if Putin invades Ukraine’. The US and several European countries are considering sanctions against Russia’s financial system following warnings from US intelligence that Russia may invade Ukraine next year. Sanctions against Russia’s biggest banks and the Russian Direct Investment Fund could affect their ability to convert Rubles into foreign currency and restrict investors’ ability to buy Russian debt. (Bloomberg)

‘Omicron’s less severe cases prompt cautious optimism in South Africa’. Early hospital data out of South Africa suggests the Omicron variant results in illness that’s less severe than previously feared but warned its high transmissibility could still overwhelm health care systems. The proportion of patients hospitalised with the new variant who are reliant on oxygen is significantly lower than with previous variants, regardless of their vaccination status. (Financial Times)


US and European equity futures mirrored Asia’s bullish trading session following measures from China to support economic growth. Treasury yields continued to climb along with oil prices, and commodity-linked currencies rebounded.


German Industrial Production (Oct): 2.8% (est. 1.0%)
German ZEW Economic Sentiment (Dec): 10:00AM
Eurozone Gross Domestic Product (Q3): 10:00AM
Japanese GDP (Q3): 11:50PM

Interbank rates:

GBP/USD – 1.3280
GBP/EUR – 1.1760
EUR/USD – 1.1292
USD/CAD – 1.2730

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