The Day Today 9th May 2022

  • EU should seize frozen Russian assets to help pay for the cost of rebuilding Ukraine said top EU diplomat, Josep Borrell.
  • CIA director, William Burns, said Putin “doesn’t believe he can afford to lose”.
  • Gazprombank executives have been targeted for the first time by US sanctions.
  • China trade data saw dollar denominated exports growing 3.9% yoy vs f/c 3.2% and imports were unchanged vs f/c fall of 3%.
  • Bitcoin continued its fall along with stock markets around the world, it is now down 50% since its peak last November.

US stocks suffered their worst streak of weekly losses in more than a decade, the Nasdaq fell 1.4% on Friday and the S&P 500 was down 0.6%. Asia Pacific equity gauge fell over 1.5% overnight.

The Week That Will Be
Inflation, Chinese numbers Wednesday, US inflation hardly matters to the Fed in the short term; UK GDP, the number on Thursday isn’t of much concern its growth in the next quarter that counts seeing as the world has changed so much in three months; The ECB, hawks completed their ascendency with Schnabel converting to a July hike; UK Politics, Boris will probably be breathing a sigh of relief now that Keir Starmer is under the lockdown breach spotlight, but the reality is it will pressure Boris more if Starmer has to go. Anyway the election results were the thousandth nail in his coffin anyway; Volatility, US stock rollercoaster will continue and QT risks market dysfunction as well, red flag upon red flag.

On this day in 1920 the Polish army celebrated its capture of Kiev with a victory parade on Khreshchatyk.

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