- As policymakers on both sides of the Atlantic grapple with soaring inflation, slowing economic growth, and volatile markets, US index futures rose alongside European stocks.
- Contracts on the S&P 500 and Nasdaq 100 advanced modestly ahead of a key Federal Reserve policy decision later Wednesday, with markets pricing in the biggest rate hike since 1994 amid concerns about the economy's outlook. Treasury yields fell, and the dollar fell from a two-year high.
- The Stoxx Europe 600 index rose more than 1%, snapping a six-day losing streak, while the euro strengthened and regional bonds advanced as the European Central Bank's governing council convened for an emergency meeting. While the new stimulus is unlikely, officials will discuss a crisis strategy and the reinvestment of bond purchases made under the now-defunct pandemic emergency programme.
- Investors are expecting the ECB to provide details on how it intends to keep bond yields of the region's most vulnerable members under control as it reduces stimulus. Italian 10-year bond yields fell as much as 30 basis points before recovering, and the country's equity benchmark outperformed.
- China’s President Xi: China is to support Russia on sovereignty and security.
- ECB's Wunsch: The ECB is very open to stepping in if markets overreact.
- ECB to discuss reinvestment of PEPP bonds at the emergency meeting.
- EU Financial Services Commissioner Designate McGuinness: There will be important EU announcements today.
- EU Financial Services Commissioner Designate McGuinness: We ask the UK to come back to the negotiating table.
- Israel, EU to sign a natural gas export deal on Wednesday - Israel's energy ministry.
