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UK: PM Johnson In Warsaw: 'Putin Underestimates Western Unity & Resolve'
Mar-01 10:29
UK Prime Minister Boris Johnson is in the Polish capital, Warsaw, this morning to meet with PM Mateusz Morawiecki to discuss regional defence and the ongoing Ukraine crisis.
- Johnson: "The tragedy that we predicted... has come to pass. If anything it is worse than our predictions. We are seeing an unfolding disaster in the European continent...It is clear that Vladimir Putin is prepared to use barbaric and indiscriminate tactics against innocent civilians...Vladimir Putin has also underestimated the unity and resolve of the West, and the rest of the world....I'm more convinced than ever, as this hideous conflict progresses, that Putin will fail."
- Later today, Johnson travels to Estonia for meetings with PM Kaja Kallas and President Alar Karis.
- UK has been one of the most vocal proponents of the harshest of economic sanctions being imposed on the Russian gov't, financial system, politicians, and oligarchs. At present, it seems as though Johnson, in line with other hard line sanction supporters such as Canada's Justin Trudeau and the Netherlands' Mark Rutte, are proving successful in their campaign to leave the Russian economy and financial system increasingly isolated.
EQUITIES: European stocks under pressure despite resiliance in Asian markets
Mar-01 10:22
- Japan's NIKKEI up 317.9 pts or +1.2% at 26844.72 and the TOPIX up 10.24 pts or +0.54% at 1897.17
- China's SHANGHAI closed up 26.529 pts or +0.77% at 3488.835 and the HANG SENG ended 48.69 pts higher or +0.21% at 22761.71
- German Dax down 325.9 pts or -2.25% at 14136.72, FTSE 100 down 53.08 pts or -0.71% at 7401.49, CAC 40 down 154.95 pts or -2.33% at 6503.06 and Euro Stoxx 50 down 94.38 pts or -2.41% at 3830.07.
- Dow Jones mini down 213 pts or -0.63% at 33623, S&P 500 mini down 25.75 pts or -0.59% at 4342.75, NASDAQ mini down 106.25 pts or -0.75% at 14120.25.
ITALY DATA: Flash Feb Inflation Surges Further, Outpaces Expectations
Mar-01 10:17
FEB PRELIMINARY HICP +0.8% M/M, +6.2Y/Y (JAN +5.1%)
FEB PREL HICP CORE INFLATION +1.9% Y/Y VS JAN +1.5% Y/Y
FEB NIC CORE INFLATION +1.7% Y/Y VS JAN +1.5% Y/Y
- Italian inflation outpaced expectations this morning, hitting a fresh euro-era record high of +6.2% Y/Y in the February flash estimate, 0.7% higher than the consensus forecast and 1.1% higher than the January print.
- On the month, inflation surged by 0.8%, significantly stronger than the downwardly revised 0.0% seen in January.
- Energy price growth softened, albeit still jumping +38.6% y/y (compared to +45.9% y/y in January).
- Grocery prices grew strongly on the month +0.8% m/m and +4.2% y/y.
- This data will be uncomfortable for the ECB, which had shifted towards more flexibility in rhetoric over monetary policy in their last meeting. However, the current Russian invasion of Ukraine has put an end to expectations of any rate hikes this year (see https://marketnews.com/mni-sources-ukraine-war-to-shelve-calls-for-ecb-rate-hikes ), with the conflict possibly decreasing Eurozone growth by 1%.
Source: ISTAT
