- Stocks in the US dipped for the first time in five days as hopes for a de-escalation in the Ukraine conflict faded and investors assessed the risks of increasing inflation to economic development. After a two-day decline, oil prices have recovered.
- In the final hour of trading, the S&P 500 continued to fall, while the tech-heavy Nasdaq 100 fell 1.1%. Apple slumped, bringing the company's longest climb since 2003 to a close. After a momentary inversion in a part of the yield curve on Tuesday warned of the possibility of a recession, treasuries surged across maturities. Short-dated notes led a selloff in Europe, with speculators betting that higher-than-expected inflation will force policymakers to halt their zero-rate period.
- Russia claimed discussions with Ukraine had failed to produce results, and that it was reorganizing forces in order to complete the seizure of the eastern Donbas region. According to the White House, Russian President Putin feels his advisers have misled him about the war.
- In New York, oil reclaimed the $107-per-barrel mark. After the Bank of Japan vowed to buy more securities than planned, including longer-dated debt, the dollar fell, the euro rose, and the yen rebounded from a six-year low.
- According to those familiar with the situation, Biden plans to use cold war powers on Thursday to encourage domestic production of essential minerals for electric vehicles and other types of batteries. Lithium producers jumped the news was announced.
- The war's economic toll is growing across Europe. As a result of Germany's reliance on Russian energy, record inflation continues to rise, putting the country in jeopardy of entering a recession. Germany has activated an emergency plan to prepare for a possible Russian gas cut-off, despite Russian President Putin's insistence that the vital fuel be paid for in rubles. Grain, oil, metals, and other commodities may be added to the list of commodities for which Russia demands payment in rubles.