• Russian President Putin authorised a special military operation to demilitarise Ukraine
• Multiple explosions were heard across several Ukrainian cities including the capital of Kiev
• US stocks finished lower (S&P 500 -1.8%) and US equity futures extended on losses overnight with APAC stocks also slumping
• European equity futures are indicative of a weaker open with the Euro Stoxx 50 future -3.8% after the cash market closed lower by...

• European bourses are firmer, Euro Stoxx 50 +1.0%, with gains relatively broad based though the oil-exposed FTSE 100 lags given benchmark pricing.
• US futures, ES +0.6%, are also firmer as newsflow is comparably slower and as participants also take impetus from sanctions being less-stringent than some feared.
• EU Ambassadors have approved sanctions on Russia & US Secretary of State Blinken said it doesn't make sense to meet with Russian Foreign Minister Lavrov...

• US President Biden announced the first tranche of sanctions on Russia whilst cautioning that this is the beginning of a Russian invasion of Ukraine
• US Secretary of State Blinken cancelled his meeting with Russian Foreign Minister Lavrov. Biden-Putin meeting is not on the cards
• S&P 500 closed in correction territory, whilst APAC stocks traded on a firmer footing
• European equity futures are indicative of a higher open with the Euro...

• European bourses have experienced a marked recovery throughout the session, Euro Stoxx 50 Unch., with the FTSE 100 (+0.4%) the marginal outperformer given its crude exposure.
• A recovery that comes amid numerous geopolitical developments and was seemingly led by oil upside and as we await clarity/insight into any Russian sanctions and as Ukraine's President remains confident that there will not be a war.
• EU ambassadors considered a four-part sanctions package against...

• Russian President Putin said Russia will recognize the independence of Donbas LPR and DPR separatists
• The US will announce fresh sanctions against Russia on Tuesday in which it will coordinate with allies on the announcement
• APAC stocks traded negatively amid Russia-Ukraine developments. US equity futures also retreated overnight
• European equity futures are indicative of a weaker open with the Euro Stoxx 50 future -1.4% after cash markets...

• MON: US Washington's Birthday (Market Holiday); Bank of Israel Announcement; PBoC LPR Announcement; EZ and UK Flash PMIs (Feb).
• TUE: NBH Announcement; German Ifo Survey (Feb); EZ Flash CPI (Jan); US Flash PMI (Feb).
• WED: RBNZ Announcement; German GfK Consumer Sentiment (Mar); Japan Emperor's Birthday.
• THU: BoK Announcement; US GDP 2nd (Q4).
• FRI: EZ Sentiment Survey (Feb); US PCE (Jan); Eurogroup...

• Reports over the weekend noted heavy fighting between Ukraine’s armed forces and Russian-backed separatists along the contact line
• US President Biden and Russian President Putin have separately agreed in principle to meet
• APAC stocks traded mostly negative before trimming losses on the Biden-Putin update
• European equity futures are indicative of a firmer open with the Euro Stoxx 50 future +0.4% after cash markets closed lower by 1.0% on...

• European bourses are contained around the unchanged mark, Euro Stoxx 50 +0.2%, as an initially positive open on geopolitical developments waned as we await further drivers.
• US futures are deriving greater upside from the reported meeting of US-Russian officials today and next week; however, focus turns to Fed's Williams & Brainard
• Additionally, Russia's Defence Minister is to speak over the phone with his US counterpart on Friday, at the request of the...

• Sentiment picked up following reports of a meeting between the US Secretary of State and Russian Foreign Minister late next week
• US President Biden is to hold a meeting on Friday with the heads of NATO, EU, France, Germany, UK, Italy, Poland, and Romania
• APAC stocks maintained a mild downside bias, US and European equity futures traded with gains
• DXY saw a modest downtick on the Blinken/Lavrov meeting headlines. Antipodeans lead in the G10...

• Risk sentiment remains at the whim of geopolitics, US futures lower across the board (ES -0.5%) while European bourses are somewhat cushioned on corporate updates (Euro Stoxx 50 Unch.)
• Crude benchmarks are pressured as we await clarity on reported shelling in Donbas; currently, WTI and Brent remain around USD 1.00/bbl from the overnight trough.
• The current peaks of USD 93.31/bbl and USD 94.48/bbl in WTI and Brent were set overnight on the initial report via Sputnik...

• Markets saw risk-off trade following reports of mounting tensions in Ukraine via Russian press – awaiting confirmation from Ukraine/NATO
• Russian-backed separatists claimed that Ukraine opened fire in the Donbas region;  a US official said there are more Russian troops at the border and not fewer
• FOMC minutes saw little new information; markets reacted to the lack of hawkish surprises
• Crude futures collapsed post-settlement on positive...

• European bourses (Eurostoxx 50 unch.) trimmed early gains as NATO Sec. Gen. Stoltenberg pushed back on claims of Russian troop withdrawals, adding he is yet to see signs of a de-escalation.
• US futures (ES -0.1%) sit in minor negative territory amid the pullback in risk sentiment; traders await US retail sales and FOMC minutes.
• DXY down to new sub-96.00 WTD low; safe-havens lag while AUD and EUR lead though EUR/USD op ex looms.
• US Treasuries...

• US stocks finished with firm gains across the board; Russell 2000 and Nasdaq led the gains
• APAC stocks traded higher following the optimism seen in European and US peers
• Chinese PPI and CPI Y/Y printed below expectations and both cooled from the prior
• US President Biden said an invasion of Ukraine is still a possibility; the US has not yet verified the Russian troop withdrawal
• ECB's Villeroy said APP could end in Q3;...

• European bourses are firmer in a pick-up from a relatively contained open amid developments on the geopolitical front.
• Updates that some Russian troops are returning to base lifted US futures above Monday's best levels; ES +1.4%.
• On the Russian withdrawal, we are awaiting confirmation from a non-Russian source/outlet; meeting between Putin & Scholz is underway.
• USD and safe-haven FX pullback on the improvement in risk sentiment,...

• APAC stocks traded mostly lower following a similar handover from Wall Street (S&P 500 -0.4%); mainland China outperformed
• European and US equity futures traded with a non-committal tone overnight but tilted lower as European players entered the fray
• Kremlin spokesperson struck a conciliatory tone, but satellite images show increased Russian military action
• Iron ore futures slumped over 10% amid the continued crackdown on prices by...

• European bourses are pressured across the board as geopolitics exacerbates a subdued APAC handover and soft end to the US week.
• Stateside, US futures are suppressed but faring better than EU comparables as participants await fresh Fed developments amid broader geopolitical focus.
• Dollar in demand alongside fellow safe haven currencies as investors fret about a Russian attack on Ukraine; JPY outperforms and eyes 115.00
• Core debt benefits from...

• MON: Japanese GDP (Q4).
• TUE: UK Jobs Report (Jan/Dec); German ZEW Survey (Feb); US PPI (Jan).
• WED: FOMC Minutes; ECJ judgement on Rule of Law; Chinese Inflation (Jan); US Retail Sales (Jan); Canadian CPI (Jan).
• THU: CBRT Announcement; Australian Jobs Report (Jan); US Philly Fed (Feb); Japan Nationwide CPI (Jan).
• FRI: UK Retail Sales (Jan) and Inflation (Jan).

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