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US warns of Russian nuclear threat

Today's news headlines:

‘Putin likely to make nuclear threats if war drags, US says’. The Pentagon’s Defense Intelligence Agency has warned that Putin is expected to use nuclear threats against the West if Ukrainian resistance to Russia’s invasion continues. According to a summary of worldwide threats written by the director, ‘As this war and its consequences slowly weaken Russian conventional strength…Russia will likely increasingly rely on its nuclear deterrent’. (Bloomberg)

‘Sunak warns UK faces £70bn hit from EU ban on Russia oil and gas’. After more than 100 MEPs signed a letter calling for an immediate EU ban on Russian gas imports, UK Chancellor Rishi Sunak warned such a ban could cost the UK economy £70bn—or 3% of GDP—straightaway. With the looming cost of living crisis in the UK, the Treasury said it was already spending billions to help households with energy bills and would continue to ‘monitor the impacts that Putin’s invasion of Ukraine is having on the cost of living here’. (Financial Times)


Equity futures slipped following mixed signals from Russia-Ukraine peace talks while oil prices drifted further above $100 a barrel. Treasuries and the US Dollar were steady as commodity-linked currencies such as CAD, AUD, and NZD strengthened.


Bank of Japan Policy Rate: -0.1% (prev. -0.1%)
Bank of Russia Key Rate: 10:30AM
Canadian Retail Sales MoM (Jan): 12:30PM
US Existing Home Sales (Feb): 2:00PM

Interbank rates:

GBP/USD – 1.3150
GBP/EUR – 1.1872
EUR/USD – 1.1076
USD/CAD – 1.2598

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