Today's news headlines:

‘Volodymyr Zelensky says Ukraine ready to discuss neutrality in peace talks with Russia’. As the conflict in Ukraine continues, President Zelensky continues his pursuit for peace. In exchange for a Russian withdrawal, Ukraine will vow not to join Nato while also halting its nuclear weapons production. Russian forces are yet to make significant ground on the Ukraine capital Kyiv, but in Mariupol in the south of the country, Russia’s grip is tightening. (Financial Times) 

‘Shanghai to lock down financial district as it tries to rein in Covid’. Shanghai has entered into a four-day lockdown from today as Coronavirus cases begin to rise again. China’s zero Covid policy means that anyone testing positive for the virus must report to the hospital. President Xi has refused to back down from the strategy despite the waning threat from the virus and the re-opening of economies worldwide as mass vaccinations have helped reduce mortality rates. (Financial Times) 

Today

Asian markets were mixed overnight as Shanghai entered a four-day lockdown. Crude oil is trading below $110 per barrel this morning, while gold and other precious metals also trade lower. European markets have gained across the board as Russia-Ukraine peace talks show promising signs. 

Events

Bank of England Governor Andrew Bailey speaks: 12:00PM
US Goods Trade Balance: 1:30PM
US Preliminary Wholesale Inventories m/m: 1:30PM

Interbank rates:

GBP/USD – 1.3151
GBP/EUR – 1.2009
EUR/USD – 1.0950
USD/CAD – 1.2491

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