Ukraine summit agreed ‘in principle’
Today's news headlines:
‘Biden and Putin agree ‘in principle’ to Ukraine summit’. US President Joe Biden and Russian President Vladimir Putin have accepted the ‘principle’ of a summit over growing tensions on the border of Ukraine in an urgent diplomatic effort to prevent a geopolitical crisis. After French President Emmanuel Macron spoke to Putin on Sunday, a French official stated the summit could ‘only be held at the condition that Russia does not invade Ukraine’. However, Russia is yet to officially confirm the proposed summit. (Financial Times)
‘China’s latest default warning takes shock factor to extreme’. Zhenro Properties Group is the latest troubled firm in the Chinese real estate industry, just seven weeks after the firm announced the issuance of a perpetual bond and a 9-billion Yuan credit line from the state-owned Bank of China. On Friday, the developer said it may not have enough cash to meet its obligations next month, undermining efforts from the Chinese government to prevent financial contagion. (Bloomberg)
Global equity futures rose this morning after the possibility of a Ukraine summit emerged. Gold prices dipped along with Treasury futures and the US Dollar, while the Russian Ruble strengthened.
Japanese Manufacturing Purchasing Managers’ Index (Feb): 52.9 (est. 55.4)
Eurozone Services and Manufacturing PMI (Feb): 9:00AM
UK Services and Manufacturing PMI (Feb): 9:30AM
GBP/USD – 1.3630
GBP/EUR – 1.1975
EUR/USD – 1.1382
USD/CAD – 1.2733
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