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The major theme continues to be that of Russia and uncertainty over whether an attack on Ukraine is imminent. Earlier today the Russian Defense Ministry announced the start of a pullback of some forces following recent military exercises.

The immediate market reaction was clear. Stocks breathed a sigh of relief and WTI crude futures have dropped back below the $94 handle.

IRON ORE SINKS

Iron Ore Futures Chart

Prices tumbled as much as 13% in Singapore on signs that authorities in China will intensify efforts to quell a big rally since mid-November. (Bloomberg)

UK INCOMES GET SQUEEZED?

UK Incomes

The average wage excluding bonuses rose 3.6% from a year earlier, less than the increase in consumer prices. Adjusted for inflation, wages fell 1.2%, the biggest decline since 2014. This comes with inflation still expected to top 7% by the spring. (Bloomberg)

FACEBOOK’S LATEST WOES

Facebook Social Decay

The Texas attorney-general is suing Facebook (NASDAQ:FB) parent Meta for billions of dollars over claims that it harvested and exploited citizens’ biometric data without proper consent through its recently-shuttered facial recognition system. (FT)

Catch you tomorrow!

Anthony

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Euro Steady after ECB Comments, Focus Back from Ukraine to Fed Minutes

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