UK’s Energy Security Strategy

Today's news headlines:

‘Johnson looks to nuclear, wind to ease UK energy cost pain’. Alternative energy sources to imported oil and gas have become a priority for UK Prime Minister Boris Johnson following the Russian invasion of Ukraine in order to ease the UK’s cost-of-living crisis. The PM will meet leaders of the nuclear industry to discuss how to accelerate the progress of new projects, as well as CEOs from wind energy companies in the coming days. The government’s Energy Security Strategy is expected to be published over the next two weeks. (Bloomberg)

‘China will work to de-escalate war in Ukraine, diplomat says’. The Chinese Ambassador to the US has pledged China ‘will do everything’ to de-escalate the war in Ukraine. He claimed that there’s ‘disinformation about China providing military assistance to Russia’, adding that China ‘isn’t sending weapons or military assistance to any party’. The Ambassador fell short of condemning Russia’s actions, explaining ‘condemnation doesn’t solve the problem… I would be surprised if Russia will back down by condemnation’. (Bloomberg)


Today

US and European equity futures slipped today, while Brent crude extended its rally to $112 a barrel. The Treasury yield curve continues to flatten and even invert at some points, indicating to some analysts an expected economic slowdown. The US Dollar remained steady on a trade-weighted basis.

Events

UK Rightmove House Prices MoM (Mar): 1.7% (prev. 2.3%)
Chicago Fed National Activity Index (Feb): 12:30PM
US Federal Reserve Chair Jerome Powell speaks: 4:00PM

Interbank rates:

GBP/USD – 1.3164
GBP/EUR – 1.1905
EUR/USD – 1.1058
USD/CAD – 1.2592

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