RUSSIA: Moscow Stock Exchange Closed, Bakhmut Key to Defending Eastern Ukraine Cities
Mar-08 09:05
- Note the Moscow Stock Exchange is closed today as Russia holds a public holiday.
- EU defense ministers cautiously welcomed a plan to send Ukraine ammunition from their existing stocks, but urged the bloc to work faster on jointly procuring shells to jump-start production, Bloomberg report. The European Commission last week circulated a three-track plan, proposing to immediately transfer ammunition to Ukraine, particularly 155mm artillery rounds, from existing stocks or pending orders.
- Russian Defense Minister Sergei Shoigu said that taking Bakhmut would let Kremlin forces push farther into Ukraine’s defenses, as he vowed to continue a months-long attack that’s shown limited results so far, Bloomberg report. Ukrainian President Zelenskiy, who ordered his military commanders on Monday to summon more forces to defend Bakhmut, said in an interview that giving up the besieged city would give Russia an “open road” to capture cities in eastern Ukraine.
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BOE: Little surprising in Mann's speech - potential for her to slow to 25bp in March
Feb-06 08:50
- Little surprising in the Mann speech. She's been the most hawkish MPC member for some time. Her vote of 50bp in line with the wider MPC last week doesn't really mean she now represents the views of the wider Committee, and it is not surprising that she still sees the next move in rates to be higher.
- Note that Mann did not use the word "forceful" anywhere in her speech. It probably would have been a surprise if she did given the change in the MPC's collective language last week, but it also means she may also only back a 25bp hike in March rather than 50bp.
- The MNI Markets team continues to look for another 25bp hike in March, in line with the consensus view.
BOE: Mann still sees next move likely to be another hike
Feb-06 08:49
- "We need to stay the course, and in my view the next step in Bank Rate is still more likely to be another hike than a cut or hold."
- "I am looking for a significant and sustained deceleration in higher frequency price increases and in the underlying inflation measures and expectations towards inflation rates that are consistent with achieving the 2% target. Uncertainty around turning points should not motivate a wait-and-see approach, as the consequences of under tightening far outweigh, in my opinion, the alternative."
MNI: EUROZONE JAN CONSTRUCTION PMI 46.1; DEC 42.6
Feb-06 08:30
- MNI: EUROZONE JAN CONSTRUCTION PMI 46.1; DEC 42.6
