Today's news headlines:

'China sets 5% growth target to drive economic recovery'. The world's second-largest economy has announced a national economic expansion target of 5 percent for 2023 as the entire country slowly adjusts to life without covid restrictions. The growth target, which is the country's lowest target for over 30 years, is even lower than last year's 5.5 percent target, which was set as Chinese economic output was being hammered by strict zero-Covid policies. Given the 3 percent domestic growth that China managed to achieve last year, despite major cities suffering from extended lockdowns, the new target has been described as 'not challenging' by analysts. (Financial Times)

'BP insists it is not slowing green transition to cash in on high oil prices'. After announcing record annual profits last year due to Putin's invasion of Ukraine sending oil prices skyrocketing, the British oil and gas conglomerate revealed its intention to scale back its oil output by 25% by 2030 and begin to transition away from fossil fuels. However, as BP bosses insist that the company is not deviating from this plan, planned production cuts are being hindered, and an aggressive oil output increase in the US is underway. (Financial Times)

Today

US treasury yields finally hit the 4 percent level; it is expected that they will continue to rise, and global rates will follow closely. Asian stocks gained overnight while Chinese stocks fell after a lacklustre economic growth target set by Beijing officials, claiming they would prioritise economic stability in the year ahead. 

Events

Swiss CPI m/m (February): 0.7%
Sentix Eurozone Investor Confidence: 9:30AM
UK Construction PMI: 9:30AM
Eurozone Retail Sales m/m: 10:00AM

Interbank rates*:

GBP/USD: 1.2035
GBP/EUR: 1.1295
EUR/USD: 1.0655
USD/CAD: 1.3590 

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*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.