- The European Union proposed a ban on coal imports from Russia, ratcheting up pressure on Moscow over the invasion of Ukraine. US equity futures fell and European stocks fell. Treasuries fell as investors became increasingly concerned about inflation and the policy response.
- Bond yields across Europe rose as well, following a report on Tuesday that showed input costs for French service firms had reached a new high. The Stoxx Europe 600 index, which is heavily weighted by banks and automakers, was little changed. Despite an uncertain outlook for oil and gas supplies, the energy sector outperformed, with Vestas wind systems a/s leading gains for renewable-energy companies. Crude oil has retraced its gains.
- Market movements are still being shaped by the ramifications of the Ukraine war and tightening monetary policy as raw-material costs drive inflation. The minutes released by the Federal Reserve on Wednesday will help predict how quickly the US central bank will raise interest rates and reduce its bond holdings. The COVID-19 resurgence in Europe and Asia, as well as renewed Chinese lockdowns, are also clouding the global growth outlook.
- Germany would support an EU embargo on Russian coal imports if done in conjunction with a phase-out - Government source.
- EU to propose a ban on the import of Russian coal, diplomats say - WSJ.
- Ukraine's Zelenskiy: There is a chance that I and Russian President Putin will not meet.
- France's Europe Affairs Minister Beaune: New round of sanctions against Russia will most likely be imposed tomorrow.
