In Shenzhen, China has incarcerated 17.5 million people. According to the US, Russia requested military assistance from Beijing. Mumbai has announced a significant green initiative. This morning, here's everything you need to know.
1. According to a US official, Russia has requested China for military supplies to back its invasion of Ukraine, raising concerns in the White House that Beijing may impede attempts to assist Ukrainian soldiers in defending their nation. It's uncertain if China would agree to such a request. While Beijing has refrained from criticising Russia for its activities in Ukraine, it has consistently urged for talks to end the situation. Meanwhile, Russian missiles damaged a NATO-used military training center in western Ukraine near the Polish border; a U.S. journalist was killed in Kyiv; and Russia claims it has lost access to half of its financial reserves.
2. After statewide viral cases surged to over 3,400 over the weekend, China placed the 17.5 million people of Shenzhen under lockdown for at least a week in an attempt to stem a rising Covid-19 outbreak. Three rounds of city-wide testing will accompany the lockdown. Due to a viral outbreak in Shanghai, most schools have reverted to online study and travel into the city has been restricted. About 300,000 individuals were placed in isolation or quarantine in Hong Kong, while Singapore said it would simplify "difficult to grasp" virus restrictions.
3. After Russia's conflict on Ukraine flared prices even more, the Federal Reserve will launch a multi-month campaign to combat inflation this week, which might see Chair Jerome Powell move even more forcefully. Futures markets suggest roughly 165 basis points of tightening this year, or the equivalent of at least six quarter-point rises, with a 25 basis-point boost very inevitable on Wednesday. Following a 7.9% annual increase in consumer prices in February, Allianz SE's Mohamed El-Erian warned that the economic consequences from Russia's invasion of Ukraine might bring inflation "quite close to or over 10%." It's crunch time for traders right now, and here's why.
4. Stocks are becoming more volatile as the Ukraine conflict escalates and markets prepare for a Fed rate rise. Japan's and Hong Kong's equity futures sank, while Australia's indicated a quiet start. In early Asian trade, the dollar was mixed versus key counterparts. The Russian ruble is expected to be somewhat stronger than the US dollar.
5. Mumbai has unveiled specific plans to achieve carbon neutrality by 2050, two decades ahead of India's national objective. India's financial capital suggested extensive changes to how it handles energy, water, air, garbage, green areas, and transportation for its 19 million citizens in a plan released on Sunday. Here's the complete scoop on Mumbai's ambitious plan.
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China's stock market continues to fall. In the last 13 months, the MSCI China Index has fallen nine times. Even its biggest recovery, a 3% gain in October, was split by two 5-percentage-point drops. On a relative perspective, the situation is considerably worse, with the index falling to its lowest level since 2006 when compared to MSCI's global market index.
Even the central bank's and government's efforts to stimulate China's economy are ineffective. The credit impetus has reversed, but stocks have not. Part of the problem might be due to policy ambiguity. Markets and economic activity have been roiled by China's efforts to address a variety of concerns, including the over-leveraged housing industry and several tech industries judged to be putting profit before of people. The benefits of simpler money might be overshadowed by a lack of knowledge regarding the game's regulations.
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