U.S. markets see enormous and abrupt moves following post-Fed gains with the Dow losing more than 1,000 points in its worst session since 2020. The 10-year Treasury bill surges to more than 3 per cent. The dollar strengthens to two-decade highs against various currencies ahead of an expected solid April jobs report. In Asia, tech stocks sell off sharply following last night’s Nasdaq slump – its worst session in 2 years. The BoE gives a pessimistic outlook for the UK economy, saying that price inflation may reach up to 10 per cent this year while interest rates could hit levels not seen since 2009.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Fed follows through on its promise to hike rates by 50 basis points – its biggest move in 22 years. Wall Street is buoyed by Chairman Jerome Powell’s comments to CNBC, playing down talk that the FOMC could move to 75bps. The BoE is expected to make its fourth straight hike of 25bps as UK inflation hovers at a 30-year high. In China, services are hard-hit by Beijing’s continued rolling Covid lockdown measures. April activity was down at its second-steepest level, hurting supply and demand. And in banking news, Société Générale has raised its bad loan provisions relating to Russia which mars its Q1 surge in trading revenue.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ride-hailing app Lyft suffers a bumpy ride with a quarter of the company’s value wiped off in extended trade. The Federal Reserve is expected to hike rates by 50bps amid surging inflation and a tight labour market. Billionaire investor Paul Tudor Jones says the central bank’s governors are in “uncharted waters”. Natural gas is up ahead of an expected sixth round of sanctions by the EU on Moscow. This time an oil embargo is potentially on the table. Tesla CEO Elon Musk warns that some commercial and government bodies may be required to pay to use Twitter under his ownership.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. ten-year Treasury yield surpasses 3 per cent for the first time in fours years while stocks rally after the S&P 500 and the Nasdaq hit fresh lows for the year. The FOMC meets with expectations of a 50bps hike. Goldman Sachs CEO David Solomon says he believes the U.S. can avoid recession. Germany has said it will withstand a Russian oil embargo as the EU prepares a sixth package of sanctions against Moscow. In banking news, top HSBC stakeholder Ping An reportedly calls for the break-up of the lender while BNP Paribas beats expectations with Q1 profits surging 19 per cent. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nasdaq marks its worst month since 2008 with rising rates and inflation weighing heavily on the tech sector. We hear from Berkshire Hathaway CEO Warren Buffett who says “inflation swindles almost everybody”. The legendary investor is taking large bets on the U.S. markets despite seeing “market mania”. In Asia, stocks slide after Chinese manufacturing hits its lowest level in 2 years with Beijing’s zero-Covid approach taking its toll on the economy. And in Ukraine, House Speaker Nancy Pelosi visits President Volodmyr Zelenskyy.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets bounce back with the Nasdaq enjoying its best day for a month. However, Apple’s share price drags in extended trade, however, after CEO Tim Cook warns of an $8bn hit due to continuing Covid and supply constraints. Amazon is also in the red after reporting its first quarterly loss in 7 years, weighed down by its stake in EV maker Rivian. CFO Brian Olsavsky says that inflation is here to stay. Elon Musk makes a one-off sale of Tesla stock to help fund his Twitter deal.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It’s a big earnings week on both sides of the Atlantic. Facebook parent Meta smashes Q1 expectations with the stock soaring 18 per cent in after-hours trade. However, COO Sheryl Sandberg tells CNBC that the outlook remains challenging. Asia-focused lender Standard Chartered hikes income guidance after a strong start in 2022 but it remains cautious on Covid fallout in China. In foreign exchange news, the dollar hits a 20-year high against the yen after the Bank of Japan resists the urge to raise interest rates. The euro, however, falls to its lowest level against the greenback in five years as Russian gas payment tensions continue throughout the bloc.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech stocks hit a 12-month low, compounding heavy losses for US markets in April and pulling the Nasdaq down to its worst day since September 2020. Meanwhile, Russia appears to come good on its threat to begin using its gas exports as a tool in its war with Ukraine, and standoff with Western allies. Moscow cut off gas supplies to Poland and Bulgaria, in what a top Ukrainian official calls 'the beginning of the gas blackmail of Europe'. And, we are in the thick of earnings season. Credit Suisse announced major changes at the top and reveals adjustments to its executive board, while confirming a first quarter loss and a tough time for client activity. In U.S. tech, a stronger than expected forecast sends shares of Microsoft higher in extended trade, but Alphabet disappoints on declining YouTube revenue. CFO Ruth Porat attributes part of the disappointing quarter to the tech giant's pull-back from Russia.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Elon Musk’s Twitter bid is successful after the social media group's board approves his 44 billion dollar takeover bid. The acquisition sparked a flurry of speculation over what the future of the platform may hold. The PBOC pledges more economic support, after Chinese equities post their worst day since February 2020, pushing Asian equities higher. HSBC beats expectations despite posting a near 30 percent fall in first quarter profit as Covid and inflation weigh on revenues at Europe's largest lender. CFO Ewen Stevenson tells CNBC that rate normalisation is a bright spot. And, profit at Swiss bank UBS tops forecasts at over 2 billion dollars in the first quarter, as higher trading volumes boost the bottom line, offsetting the impact from its exposure to Russia.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

CNBC is live from Paris where Emmanuel Macron has become the first French President to be re-elected in 20 years. The incumbent defeated his far-right rival with 58 point 5 percent of the vote. He told CNBC now is the time to get to work after divisive elections. National Rally leader Marine Le Pen conceded defeat, but hailed a stronger showing compared to 5 years ago and pledged to redouble efforts ahead of legislative elections in June. Global equities come under pressure, with US futures lower, after the Dow suffered its worst one-day loss since 2020 amid a four-week losing streak. Asian equities sink as Beijing races to contain an "urgent" COVID outbreak, while the death toll in Shanghai triples - dimming prospects of lockdown measures loosening. Earnings once again take centre stage with Alphabet, Amazon and Apple all reporting this week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Treasury yields climb and global markets tumble as Fed Chair Jerome Powell tells CNBC during an IMF debate that a 50 basis point hike in May is firmly on the table. French election campaigning enters its final stretch, and polls show President Emmanuel Macron widening his lead over far-right challenger Marine Le Pen ahead of Sunday's vote. Finance Minister Bruno Le Maire tells CNBC exclusively that Macron is the only real option. Earnings season is ramping up, we take a look at Kering, which posted double digit revenue gains in the first quarter, but the French luxury group acknowledges that lockdowns in China have had "heavy consequences". And Elon Musk doubles down on his play for Twitter, saying he's lined up $46 bn dollars in financing to buy the social media giant, putting pressure on the company's board to negotiate a deal or come up with an alternative plan.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Netflix plunges with more than $50bn wiped from its market cap. Legendary investor Bill Ackman also takes a $400m hit to his Pershing Square fund as a result. EV maker Tesla reports record Q1 profits, this despite the shutdown of its Shanghai giga-factory during the mega-city’s ongoing Covid lockdown. CEO Elon Musk has told CNBC he hopes to avoid further price hikes. French presidential candidates Emmanuel Macron and Marine Le Pen lock horns during the only televised debate before Sunday’s poll. The cost of living and the Ukraine-Russia conflict were front and centre in the two-and-a-half hour contest. Russia has announced the launch of a new ‘Sarmat’ ICBM capable of hitting multiple targets anywhere in the world.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Streaming giant Netflix suffers its first subscriber loss in more than a decade as consumers cut back on entertainment and the company forecasts worse to come. CEO Reed Hastings has suggested a cheaper advert-supported plan now “makes a lot of sense”. In banking news, Swiss lender Credit Suisse warns it will take a CHF200m hit in the first quarter through exposure to the war in Ukraine while also increasing its loan loss provisions from its latest string of scandals. Meanwhile, the IMF slashes its global outlook and warns of risks to financial systems. The fund’s Tobias Adrian tells CNBC that the Fed must act “aggressively” to tame spiraling inflation. And U.S. markets lead Asian equities into the green with bank and tech stocks and recovering oil prices fuelling the gains.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The World Bank has slashed its global growth outlook for the year as price pressures, the conflict in Ukraine and ongoing lockdowns in China begin to weigh. President David Malpass tells CNBC that it’s up to advanced economies to do more to subdue rampant inflation. St Louis Federal Reserve President James Bullard tells us he would not rule out a 75-basis point hike in a single meeting, as the 10-year Treasury yield surges to its highest level for more than three years. And Twitter attempts to thwart Elon Musk takeover attempt with a ‘poison pill’. CNBC learns that private equity firm Apollo is in line to finance the buyout.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

JPMorgan sees Q1 profits slump by 42 per cent. The bank’s CEO Jamie Dimon explains that inflation and the war in Ukraine are “powerful forces that threaten the economy” and that could potentially cause recession. The S&P 500 and the Nasdaq snap three-day losing streaks as producers prices soar at their fastest rate on record. Federal Reserve governor Christopher Waller says the central bank must continue to work to bring inflation down. Ukraine is to receive up to $800m of heavy military aid from the U.S as the conflict intensifies in the east of the country. In energy news, crude prices are down after initially surging during yesterday’s session on fears over supply chain disruption and Russian oil.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. CPI hits its highest level since 1981 with energy and food prices soaring. But the core inflation read provides hope that price pressures may be peaking. President Joe Biden blames Russian president Vladimir Putin for the hike in costs. Biden also labels the Russian invasion of Ukraine as ‘genocide’ for the first time, while Putin declares peace talks with Kiev are at a ‘dead end’. Sino-Russian trade, meanwhile, rises almost 30 per cent in Q1 but imports from elsewhere are hampered by continuing supply chain disruption. And in luxury news, LVMH enjoys renewed demand for labels Dior and Louis Vuitton but CFO Jean-Jacques Guiony says the outlook in China remains opaque.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities tumble ahead of today’s inflation report with CPI forecast to hit its highest level in 41 years. All non-essential U.S. consular staff are ordered to leave Shanghai whose 25 million residents are locked down, battling the country’s worst Covid outbreak since the start of the pandemic. We speak exclusively to Mercedes Benz chairman, Ola Källenius, who says that the recent conflict-related spike in energy prices is a “wake-up call” for Europe. This, as OPEC nations warn the EU that Russian crude volumes would be almost impossible to substitute with further sanctions risking what could lead to one of the most damaging supply shocks ever.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Emmanuel Macron and Marine Le Pen advance to the second round of the French presidential elections with both candidates increasing their voting share from 5 years ago. Some polls are predicting a Macron victory within the margin of error, but a member of Le Pen’s Rassamblement National tells CNBC his party is confident it can pick up votes from unsuccessful candidates. We are live in Paris for the latest. In China, consumer prices surge at their fastest pace in 3 months amid continuing disruptions to supply chains and high energy costs. And in Ukraine, President Volodomyr Zelenskyy has welcomed EU and UK leaders in Kiev over the weekend, while his country braces for a massive new Russian assault in the east.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The UNGA has voted to expel Russia from its Human Rights Council while NATO members have announced additional arms supply to Ukraine. Secretary-General Jens Stoltenberg has warned that, with the fighting shifting to the Donbas, the conflict is entering a new, intensified phase. In France, last-minute campaigning ahead of the Sunday’s presidential election first round sees Marine Le Pen closing the gap in the polls on incumbent Emmanuel Macron. France’s Minister for Transformation and Public Services, Amelie de Montchalin, tells CNBC a Le Pen presidency would weaken and damage France. And at Tesla’s Cyber Rodeo, CEO Elon Musk pledges to make half a million Model Y SUVs a year at the EV maker’s new plant in Texas.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Fed’s March meeting minutes indicate policy makers might be willing to adopt a more aggressive tightening schedule than previously thought. FOMC members are broadly in agreement to slash $95bn per month from the balance sheet over three months, probably starting in May. Half-point rate hikes are also highly likely to come into effect in future meetings. U.S. equities fall as a result, while the 10-year Treasury yield hits a three-year high. Back in Europe, EU nations have stopped short of a consensus on banning Russian oil outright as Washington takes aim at the Russian financial system and President Vladimir Putin’s family. With just three days to go before the first round of the French presidential election, we speak to Laurent Jacobelli, Grand Est regional president for Marine Le Pen’s RN party, who says the country “needs and wants change” after President Emmanuel Macron’s five years in power.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. moves to ban Russian investment and crack down on the country’s banks and state firms. Across the Atlantic, the EU launches a fifth round of sanctions aimed at coal exports and shipping. Ukrainian President Volodomyr Zelenskyy calls on the UN Security Council to launch Nuremburg-style trials to punish alleged Russian war crimes in his country. Meanwhile, U.S. and Asian markets take a dip, after Fed vice-chair nominee Lael Brainard indicates the central bank may seek more aggressive monetary policy tightening to combat inflation. And in China, the services sector has shrunk at its fastest rate in two years amid ongoing Covid lockdowns.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukraine has accused Russian troops of war crimes after hundreds of civilian deaths were revealed in Kyiv satellite towns. Ukrainian President Volodomyr Zelenskyy has been joined by world leaders in condemnation of the alleged atrocities. European Union leaders promise more sanctions, while the bloc doubles down on its rejection of President Putin’s decree that all payments for Russian gas be made in rubles. The EU’s Economy Commissioner Paolo Gentiloni has told CNBC that Brussels intends to strictly enforce energy contracts. Meanwhile, French electoral campaigns are heating up for May’s presidential vote. Incumbent Emmanuel Macron has seen his lead slashed with National Rally’s Marine Le Pen rising in opinion polls. In Hong Kong, CEO Carrie Lam has announced she will not seek a second term in office citing family commitments. And in autos news, Tesla reports a stellar first quarter, despite supply chain issues and a shutdown at its Shanghai plant.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Vladimir Putin issues a presidential decree to demand that “unfriendly” nations pay for energy bills in Russian rubles or have their supplies suspended. We are live on the shores of Lake Como where CEO of the European House Ambrosetti, Valerio De Molli, tells CNBC Europe’s energy strategy in the face of Russian aggression has been “naïve”. In the U.S., President Biden announces he will again tap American emergency oil reserves, releasing up to 1m barrels a day in a bid to calm pump prices. Investors are braced for today’s U.S. non-farm payroll job numbers as the Fed’s preferred inflation gauge reaches a 40-year high. And, Beijing extends Shanghai’s staggered Covid lockdown, affecting manufacturing activity.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices fall on news that President Biden will release the largest ever volume of strategic oil reserves – the third time in six months. There are intelligence reports that Russian military top brass is deliberately misinforming President Vladimir Putin about personnel and territorial losses in Ukraine. Chinese March economic data suffers a double-whammy in March with both manufacturing and services contracting for the first time since the beginning of the pandemic. And in the U.S., markets are due to end Q1 following their worst performance since the start of 2020.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Russian negotiators announce there will be a dramatic scale-back of troops around Kiev after Ukraine agrees to take a neutral position regarding NATO membership in exchange for security guarantees. The Istanbul talks are met with scepticism. U.S. President Joe Biden says he is adopting a ‘wait-and-see’ approach. U.S. markets, however, close higher on hopes of tensions easing. Following a short inversion of the 2 and 10-year yields, Philadelphia Federal Reserve President Patrick Harker tells CNBC that the move does not accurately predict a coming recession. We also hear from Italian Foreign Minister Luigi Di Maio who says the West must maintain pressure on Moscow to achieve a ceasefire in Ukraine.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukrainian Foreign Minister Dmytro Kuleba says his country will not trade off its sovereignty but he hopes a ceasefire will result from today’s peace talks in Istanbul. U.S. President Joe Biden doubles down on his ad-libbed comments at the weekend regarding leadership change in Russia. G-7 nations have rejected Russia’s demand to be paid in rubles. German Finance Minister Christian Lindner says he will not stand for Moscow’s “blackmail”. Oil continues to plummet with Shanghai in its second day of lockdown while UAE energy minister Suhail Al Mazrouei tells this channel that Russia will remain a key player in Opec+. And the gap between the U.S. two- and ten-year treasury yields narrows to its lowest level since March 2020, raising recession fears.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Russia and Ukraine are set for renewed peace talks in Istanbul today. The White House battles the fallout from U.S. President Joe Biden’s Warsaw speech, denying it is targeting regime change in Moscow. We speak to TotalEnergies CEO Patrick Pouyannée who says his company will not do business with Russian President Vladimir Putin but defends his refusal to completely write off the company’s Russian assets. Qatari foreign minister Mohammed bin Abdulrahman Al-Thani says his country is boosting its gas exports to other nations as the Ukraine conflict continues.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden warns Russia of a strong response from NATO should it use WMDs in Ukraine. He touted the alliance’s renewed sense of unity, announcing fresh sanctions on Moscow and promising humanitarian aid to Kiev. The NATO, G-7 and EU meetings were dominated by talk of China’s tepid attitude to Russian aggression. NATO Secretary-General Jens Stoltenberg tells CNBC that Beijing must join the international response in condemning the conflict. Washington has assured Europe of LNG deliveries by the end of 2022 and German Chancellor Olaf Scholz tells this channel that speeding up his country’s energy mix is key to moving away from reliance on Russia. We also hear exclusively from French Economy Minister Bruno Le Maire, who says that the Ukraine conflict has ended the “happy, naïve” model of globalisation”.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

One month after the invasion of Ukraine, NATO leaders hold another emergency meeting in Brussels with new measures expected to be introduced. President Biden is to hold a series of summits with allies promising a serious reinforcement of the bloc’s eastern flank while NATO Secretary-General Jens Stoltenberg warns of the long-term security consequences of the conflict in Ukraine. Russian President Vladimir Putin has demanded that all gas supplies to “unfriendly countries” must now be paid for in rubles. And, as Western sanctions and collapsing imports begin to take effect, the IIF has predicted that the war will cost Russia 15 years of economic growth. Meanwhile, Ukrainian President Volodomyr Zelenskyy has called out French companies to quit their operations in Russia. Car giant Renault subsequently pulls out of the country and downgrades it margin outlook.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. 10-year Treasury yield spikes to its highest level since 2019 on Fed Chairman Jerome Powell’s recent hawkish comments. Asian equities, however, enjoy a three-week high with the Nikkei leading gains for the session. Billionaire investor Carl Icahn warns CNBC of a coming recession “or worse” as runaway U.S. inflation is compounded by the Ukraine invasion. CNBC learns that the EU is now unlikely to achieve unanimity on a Russian oil embargo with only a minority of member states supporting the move. The bloc will look for alternative methods to increase sanctions on Moscow. U.S. President Joe Biden heads to Brussels promising to target members of the Russian Duma with further restrictions and to offer refuge to fleeing Ukrainians. And in tech news, Elon Musk opens Tesla’s first European gigafactory near Berlin.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Fed Chairman Jerome Powell issues a stark warning about rising inflation, saying he is prepared to ‘move more aggressively’ if necessary. U.S. markets tumble and 10-year Treasury yields hit their highest levels since 2019 as a result. U.S. President Joe Biden believes that as the Ukraine conflict continues, desperation may lead to President Putin to using chemical or biological weapons in the country. President Volodomyr Zelenskyy says that any resolution to end the war with Russia would require a referendum. The EU says it is ready to increase sanctions on Russia, with agreement on a full oil embargo looking increasingly likely.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukraine rejects Russian demands to surrender Mariupol as fighting intensifies in the besieged south-eastern city, while Russian forces cut the region off from the Sea of Azov amid a growing humanitarian crisis. China deflects criticism, insisting it is on the "right side of history" over the invasion of Ukraine, as President Biden warns of consequences if Beijing provides material support to Moscow, while China's Foreign Minister hits back at U.S. interference. U.S. and European stocks log their best week since 2020, but Asian equities start the week lower as the Fed-driven relief rally seems to fade. And, Germany agrees to a new long-term energy partnership with Qatar, as Europe's biggest economy looks to wean itself of its dependency on Russian energy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Secretary of State Antony Blinken dials up the pressure on China ahead of talks between Presidents Biden and Xi, slamming Beijing for refusing to condemn Russian aggression in Ukraine. Nato, meanwhile continues to reinforce its Eastern flank. We are live at an Estonian military base, where the Russian threat seems to have galvanised the alliance. Moscow avoids defaulting on its dollar- denominated interest bond repayments with JPMorgan reportedly processing the funds. In other market news, the VIX slumps to a one-month low which in turn helps U.S. markets turn positive for the week – their first in six – while crude prices surge past the $100-mark once again. Chinese President Xi vows to help ease the economic pain caused by his zero-Covid policy despite daily cases rising to their worst level since the start of the outbreak in the country. And in France, President Emmanuel Macron kicks off his re-election campaign by casting himself as a war-time leader.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve hikes rates for the first time since 2018 and indicates that there are six more to come in 2022. Wall Street jumps at the close on Chairman Jerome Powell’s assertion that the U.S. will likely avoid a recession. The central bank, however, downgrades growth forecasts while predicting core PCE will hit 4.1% at the end of the year. President Joe Biden calls Russia’s Vladimir Putin a “war criminal”, eliciting a sharp rebuke from the Kremlin. Washington approves up to $800m of military assistance to Kiev as Congress greets a video address by Ukrainian President Volodomyr Zelenskyy with a standing ovation. Zelenskyy tells NBC News that World War 3 may already be under way.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukrainian President Volodomyr Zelenskyy says that talks with Moscow are becoming more realistic, admitting that NATO membership is unlikely. Zelenskyy hosted the prime ministers of Poland, the Czech Republic and Slovenia in Kiev. President Biden is to attend an extraordinary meeting with NATO leaders in Brussels next week. Meanwhile, Russia faces its first sovereign default on foreign currency debt in more than a century. Nickel trading will resume on the LSE which imposed a 5 per cent price move cap, after prices surged last week over continuing Russian supply fears. In Hong Kong, tech stocks rouse the Hang Seng after two days of huge declines while on Wall Street, the S&P 500 posts its first positive session in 4 days.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. and Chinese security officials hold seven-hour talks in Rome regarding the invasion of Ukraine but differing accounts of the meeting emerge. U.S. Deputy Treasury Secretary Wally Adeyemo tells CNBC there will be no let-up in sanctions pressure on Moscow. In Brussels, EU finance ministers agree to a fourth package of sanctions measures against Russia, including the removal of WTO ‘favoured nation’ status. We hear from German finance minister Christian Lindner who says Europe must be wary of risks to its own economy resulting from the conflict. Chinese tech stocks sell off for a second day after posting their worst session since 2008 amid a new Covid outbreak in several regions. However, retail sales and industrial output data help to beat expectations for January and February.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Washington and Beijing plan to hold high-level talks in Rome following reports that Russia has approached China for military equipment to support its Ukraine invasion. Moscow has also threatened to honour bond payments in rubles in retaliation to the freezing of more than half of its reserves. IMF Managing Director Kristalina Georgieva says that a Russian default is no longer “improbable”. Russian forces attack a military training base in western Ukraine, less than 30km from the Polish border, prompting Ukrainian President to once again call for NATO to close his country’s skies. Meanwhile, Asian markets are mixed. Australian and Japanese stocks surge but the Hang Seng plunges following renewed Covid cases and lockdowns in mainland China.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Russian forces near the Ukrainian capital, while conditions within the besieged southern port city of Mariupol worsen following unsuccessful talks between foreign ministers Dmytro Kuleba and Sergei Lavrov. Asian markets are in the red with Hong Kong’s Hang Seng leading the losses following a poor session by tech stocks on Wall Street. Oil is on course to complete its worst-performing week since November. ECB President Christine Lagarde announces an acceleration in tapering amid price pressures and geopolitical uncertainty. Stateside, inflation hits a new 40-year high with prices up by almost 8 per cent. U.S. Treasury Secretary Janet Yellen, however, is sanguine about the prospects of a recession. And we are live in Versailles where French President Emmanuel Macron hosts EU leaders to discuss energy independence and a unified response to Moscow’s aggression in Ukraine.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukraine accuses Russia of genocide after its forces bombed a children’s hospital and maternity ward in the southern port city of Mariupol. Ukrainian President Volodomyr Zelenskyy suggested he has cooled on potential NATO membership ahead of talks between Foreign Minister Dmytro Kuleba and his Russian counterpart Sergei Lavrov in Antalya today. The S&P 500 posted its best day since June 2020 and the trading momentum pushed European equities to their biggest single-day gains for almost a year, with Asian stocks following suit. Oil has also recovered following a sharp decline. In corporate news, e-commerce giant Amazon has approved a 20-for-1 stock split as well as a $10bn share buyback.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. has banned all imports of Russian oil as sanctions against Moscow are tightened. President Biden has admitted that the move will impact Americans further at the gas pump. As Russian forces inch towards the Ukrainian capital, the director of the CIA, William Burns, warns of “an ugly next few weeks”. In the UK, the House of Commons is addressed by Ukrainian President Volodomyr Zelenskyy who remains defiant, paraphrasing Winston Churchill in his speech. U.S. markets suffer another rollercoaster session, closing in the red. Gold surges on increased embargo and inflation fears. Meanwhile, McDonald’s, Coca-Cola, Pepsi and Starbucks have announced they are suspending operations in Russia.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Russia has increased shelling in Ukraine but says it has offered ceasefires in several regions to allow for humanitarian corridors to operate. Kyiv, however, says Russian forces have fired on fleeing civilians. Ukrainian President Volodomyr Zelenskyy remains in the capital and vows to fight on. U.S. markets closed firmly in the red with the S&P 500 posting its worst session since October 2020. Russian Deputy Prime Minister Alexander Novak has said an oil price embargo on his country could push crude prices to $300 per barrel, while German Chancellor Olaf Scholz appears to cool on the prospect of a total import ban. German utility firm Uniper has written down €987m in Nord Stream 2 loan losses. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. and EU inch closer to banning Russian oil imports, sending crude prices to levels not seen since the Great Financial Crisis. Asian equities plunge as a result with tech, consumer and autos weighing in particular. The Nikkei 225 posts its lowest level since late 2020. In Ukraine, President Volodomyr Zelenskyy accuses Russian forces on firing at civilian evacuation corridors in the besieged port city of Mariupol. Russian President Vladimir Putin says that a NATO-enforced no-fly zone above Ukraine would be tantamount to a declaration of war.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A fire at Europe’s largest nuclear plant rattles global markets after heavy fighting in Ukraine. Kyiv warns that an explosion at the site could dwarf the Chernobyl disaster ten times over. The U.S. activates its nuclear response team, and the EU’s Energy Commissioner, Kadri Simson, tells CNBC that targeting nuclear facilities would violate global regulations. We are live at NATO headquarters in Brussels as the alliance holds an emergency meeting in what will arguably be one of its most crucial days of diplomacy. And in the U.S. non-farm payrolls are set to show slowing job growth. Cleveland Fed President Loretta Mester tells CNBC that it’s critical the central bank gains control over inflation.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow snaps a two-day losing streak and Treasury yields surge after Fed Chair Jerome Powell confirms that a 25-basis point interest rate hike is still likely this month. Crude prices soar to highs not seen in around a decade as OPEC+ nations refuse to veer from a previously agreed gradual output increase. Russia claims to have captured the southern Ukrainian city Kherson, the first of its offensive. But Kyiv disputes the Kremlin’s claims. Ratings agencies Fitch and Moody’s downgrade Russian sovereign debt to junk status, and Russian stocks are removed from the MSCI and FTSE Russell indices.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden holds his first State of the Union address, slapping Russian President Vladimir Putin’s regime with the closure of U.S. airspace. He also announces an SPR release in a bid to re-balance crude prices which have hit their highest level in almost nine years. In Kiev, Russian airstrikes target the main TV tower as a huge convoy continues to crawl towards the capital. And China has indicated that it could provide mediation between Ukraine and Russia to reach a ceasefire.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukraine’s second-largest city, Kharkiv, suffers sustained bombardment after yesterday’s peace talks in Belarus stalled and slowing Russian infantry advances reportedly frustrate Russian President Vladimir Putin. We hear from Ukrainian foreign minister Dmytro Kuleba who says every Russian rouble is now stained with his countrymen’s blood as the West intensifies sanctions on Moscow. French President has held talks with EU chiefs and also speaks to Putin and Ukrainian president Volodomyr Zelenskyy. UK Prime Minister Boris Johnson is due in Warsaw and Tallinn later today. Equinor and Shell follow BP in exiting Russian JVs and Volvo, Daimler and Mastercard also suspend activities in the country in response to the invasion.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Western allies launch a raft of new measures designed to hobble Russia’s economy following its invasion of Ukraine. Sanctions target the country’s central bank and lenders have been cut out of the SWIFT system. The rouble has collapsed to a fresh record low despite Russian central bank efforts. Russian President Vladimir Putin has placed his nuclear deterrent forces on high alert ahead of proposed negotiations with Kiev along the Belarussian border. BP has dumped its 20 per cent stake in Rosneft in protest at the invasion. The move has prompted fears of a $25bn write-down. We are live in Moscow and Przmyśl on the Poland-Ukraine border, with an eye on the humanitarian crisis brewing as Ukrainians flee the fighting.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukrainian President Volodomyr Zelenskyy says Russian bombing has resumed, targeting both military and civilians throughout the country. The nation’s health ministry reports 57 casualties and up to 170 injuries. Western allies have outlined a huge package of sanctions designed to hit up to 70 per cent of Russian banks. However, EU leaders stop short of cutting Russia out of the SWIFT payment system. We’re live in Kraków, Poland and in Moscow where President Putin has met with business leaders as the sanctions begin to take effect. Markets see a late reversal in the U.S. and oil prices stabilise, albeit at levels not seen since 2014.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.