- Fed’s Bostic Backs ‘Moving More’ On Rates If Inflation Persists
- Fed’s Bullard: Doesn't See 75 Bps Fed Rate Increase 'For Now'
- Finland To Apply To Join NATO For The First Time Next Week
- Kremlin Says Finland Joining NATO Is Definite Threat To Russia
- North Korea Fires Three Ballistic Missile Off Its East Coast
- ECB’s Makhlouf: Rates Likely To Be Positive By Early Next Year
- ECB’s Kazimir: Signalled Support For Interest Rate Increase In July
- UK’s Truss: UK With ‘No Choice’ But To Tear Up N Ireland Protocol
- UK Economy Shrank By 0.1% In March As Cost Of Living Crisis Bites
- BoE’s Ramsden: Bank Of England Is Not Yet Done With Rate Hikes
- IEA U-Turns, Sees World Weathering Lost Russian Oil Supply
- Dollar Hits Two-Decade High, Rattled Investors Plump For Safe Haven
- Oil Resumes Decline As Market Grapples With Tumultuous Trading
- Copper Sinks Below $9,000 As Metals Slide On Global Demand Fears
- Global Stocks Slide As Growth And Inflation Fears Mount
Bonds in Europe rallied along with US Treasuries on Thursday and haven currencies surged as markets focused their attention on global growth risks posed by tighter central bank policies.
Italian debt led an advance across euro-area peers with 10-year yields falling as much as 17 basis points to 2.73%. US equivalent yields dropped 10 basis points to 2.82%, the lowest level since late April.
The risk-off mood filtered into the currency market, sending the euro to a fresh five-year low against the dollar. The Japanese yen surged as much as 1.2% to touch its strongest level against the greenback in two weeks.
Former Russian President Dmitry Medvedev, a close ally of President Vladimir Putin, has warned the West that military assistance for Ukraine risks creating a conflict between Russia and NATO.
Medvedev, who is now deputy chairman of Russia’s security council, said such a conflict could easily escalate.
“The pumping of Ukraine by NATO countries with weapons, the training of its troops to use Western equipment, the dispatch of mercenaries and the conduct of exercises by the countries of the alliance near our borders increase the likelihood of a direct and open conflict between NATO and Russia instead of their ‘war by proxy,’” Medvedev claimed in a Telegram post.
“Such a conflict always has the risk of turning into a full-fledged nuclear war,” Medvedev said. “This will be a catastrophic scenario for everyone.”
Data released by the Office for National Statistics confirmed that the UK economy is now “clearly above pre-pandemic levels,” albeit it’s done so at its slowest pace for a year.
On the month, activity shrunk 0.1% from a revised flat print in February and estimates. Of the sub-sectors, services fell by 0.2%, as did production, led by falls in manufacturing and electricity, gas, steam and air conditioning supply. There was a partial offset from construction output which increased by 1.7%.
In the three months to March, GDP growth expanded 0.8%, two tenths below consensus, and the 1.3% quarter-four print. Quarterly GDP now stands 0.7% above pre-Covid19 levels (Q4 2019).
- UK GDP (Q/Q) Q1 P: 0.8% (est 1.0%; prev 1.3%)
- UK GDP (M/M) Mar: -0.1% (est 0.0%; prev 0.1%; prevR 0.0%)
- UK Industrial Production (M/M) Mar: -0.2% (est 0.0%; prev -0.6%; prevR -0.3%)
- UK Manufacturing Production (M/M) Mar: -0.2% (est 0.0%; prev -0.4%; prevR -0.6%)
- UK Construction Output (M/M) Mar: 1.7% (est 0.2%; prev -0.1%; prevR 0.2%)
- UK Index Of Services (M/M) Mar: -0.2% (est 0.1%; prev 0.2%)
- UK Visible Trade Balance Mar: -£23897Mln (est -£18450Mln; prevR -£21614Mln)
- Swiss Producer & Import Prices (M/M) Mar: 1.3% (prev 0.8%)
- Sweden CPI (M/M) Apr: 0.6% (est 0.5%; prev 1.8%)
- Sweden CPIF (M/M) Apr: 0.6% (est 0.4%; prev 1.7%)
- Ukraine Goes On The Counteroffensive As Russians Fall Back – Al Jazeera
- NATO To Welcome Nordic Members As Ukraine Pushes Back Russian Forces – RTRS
- Kremlin: Finland Joining NATO Is Definite Threat To Russia – RTRS
- EU Considers Boosting Ukraine Arms Financing To 2 Billion Euros – BBG
- Fed’s Bostic Backs ‘Moving More’ On Rates If Inflation Persists – BBG
- Fed’s Bullard: Does Not See 75 Bps Fed Rate Increase 'For Now' – RTRS
- US Inflation Is Headed Lower—But Maybe Not Low Enough – WSJ
- Overturning Roe Could Reverse Economic Gains – Axios
- Biden Administration Cancels 3 Major Offshore Oil Lease Sales – Axios
- Abortion Rights Bill Fails In US Senate As Supreme Court Ruling Looms – SCMP
- BNP Paribas Recommends Bet On Higher Interest Rates In Long Run – BBG
- UK Economy Unexpectedly Shrinks In March As Consumers Cut Back – BBG
- ONS: UK Consumer Spending Rebounded Last Week – RTRS
- Truss: UK Will Have 'No Choice But To Act' If EU Isn’t ‘Flexable’ In Ni Protocol – Sky News
- Study: Cost Of Living Worries Sends Consumer Confidence Into 'Freefall' – Sky News
- BoE’s Ramsden: More Rate Hikes Needed To Tame Inflation – BBG
- Scrapping Northern Ireland Protocol Is Legal, Says Attorney General – BBC News
- Spain Working To Request EU Recovery Loans, Prime Minister Says – BBG
- The Inflation Quirk That Is Costing Spain Billions – RTRS
- Swedish Inflation Exceeds Forecasts After Riksbank Policy Shift – BBG
- Expressen Daily: Sweden Plans To Send NATO Application Next Week – RTRS
- Finnish Leaders Announce Backing For NATO Membership – Politico
- N.Z. Inflation Expectations Rise As Market Eyes Half-Point Hike – BBG
- Govt: Japan April Service Sector Sentiment Improves – RTRS
- Finland’s President And Prime Minister Back NATO Membership – FT
- US Treasury Yields Fall As Investors Digest Hot Inflation Data – CNBC
- Eurozone Bond Yields At Multi-Week Lows As US Inflation Weakens Sentiment – RTRS
- JGB Yields Fall Amid Weak Demand In Domestic Auction – RTRS
- EU Eyes Bond Futures To Back Up $840 Billion Joint Debt Program – BBG
- European Corporate Bonds Hit By Steepest Sell-Off In At Least 20 Years – FT
- Italy Sells €2.0Bln Of 2025 Bonds With A B/C 1.97x; Avg Yield 1.53%
- Italy Sells €3.75Bln Of 2029 Bonds With A B/C 1.52x; Avg Yield 2.39%
- Italy Sells €1.0Bln Of 2048 Bonds With A B/C 1.82x ; Avg Yield 3.06%
- Ireland Sells €400Mln Of 2032 Bonds With A B/C 2.84x; Avg Yield 1.500%
- Ireland Sells €850Mln Of 2045 Bonds With A B/C 1.4x; Avg Yield 1.790%
- Dollar Hits Two-Decade High, Rattled Investors Plump For Safe Haven – RTRS
- Dollar, Yen See Haven Buying As Global Risk Sentiment Sours – BBG
- Weakening Economic Data Sends Sterling To New Lows Against Dollar And Euro – RTRS
- Russian Rouble Firms Past 70 Vs Euro, Stocks Down – RTRS
- Cryptocurrencies Drop Anew As TerraUSD’s Woes Cloud The Outlook – BBG
- Tether Loses $1 Peg, Bitcoin Drops To 2020 Levels Of Near $24K – CoinDesk
- Bitcoin's 2021 Gains Wiped Out In Stablecoin Rout – RTRS
- Cryptocurrency Losses Top $275bn In A Single Day As Instability Spreads – Nikkei
- Oil Resumes Decline As Market Grapples With Tumultuous Trading – BBG
- IEA: More Oil, Slower Demand Mean World Can Weather Russian Losses – RTRS
- EU’s Proposed Embargo On Russian Oil To Keep Prices Elevated – Fitch Ratings
- Russia's Gazprom Books Less Gas Transit Capacity To Europe Via Ukraine – RTRS
- European Gas Jumps On Lower Ukraine Flows, Russian LNG Worries – BBG
- Gold Stabilises After Rising 1% Following US Inflation Data – RTRS
- Copper Sinks Below $9,000 As Metals Slide On Global Demand Fears – BBG
- Stock Futures Fall As Inflation Weighs On Markets – WSJ
- European Markets Plunge As US Inflation Runs Hot; Stoxx 600 Down 2% - CNBC
- European And Asian Stocks Slide As Growth And Inflation Fears Mount – FT
- Retail Traders No Longer ‘Buyer Of First Resort’ As US Stocks Slide – FT
- Apple Is No Longer The World’s Most Valuable Company – CNBC
- Schroders, Blackrock, Pimco Face Losses As Adler’s Troubles Grow – BBG
- Pimco Sees €13.6 Billion Outflows Amid Bond Selloff – BBG
- Merck KGaA Sees FY Adj Profit Gains Of Up To 9% On Lab Demand – RTRS
- BT And Warner Bros Discovery Join Forces To Create Pay-TV Sport Business – Guardian
- Anglo American To Return To Zambia With Arc Minerals Copper Deal – RTRS
- Online Grocery Delivery Platform Instacart Confidentially Files For IPO In The US – CNBC
- CEO: VW's EV Business As Profitable As Combustion Engines Sooner Than Planned – RTRS
- Rolls-Royce Boosted By Return To Flying And Defence Demand – RTRS
- Shell Sells Russian Retail Business To Lukoil – RTRS
- Silicon Battery Maker Amprius To Go Public In $1.3 Billion SPAC Merger – WSJ
- SoftBank Suffers Historic Loss After $27bn Blow To Vision Fund – FT
- Subaru To Build Japan's First Electric Vehicle Plant – Nikkei
- Nissan Sees Recovering Vehicle Demand In The US, Other Markets – Nikkei
- Chinese Official: China Won’t Have A ‘Normal’ Economy Without Tackling Covid First - CNBC
- Chinese Property Developer Sunac Defaults As Lockdowns Hit House Sales – FT
- Iran Nuclear Talks Fizzle Just When Markets Need Oil The Most – BBG
- North Korea Fires Ballistic Missile Off Its East Coast – Japan Times