Aurelia Butler

The US has blocked the transfer of fighter jets from Poland to Ukraine for fear of being dragged into a direct conflict with Russia.John Kirby, a Pentagon spokesman, said the Polish proposal for Warsaw to transfer its fleet of MiG-29 fighter jets, which Ukrainian pilots are trained to fly, to Kyiv was not “tenable”.Washington and Warsaw had been in talks about the military transfer to help the Ukraine government repel Russian air power for days. US secretary of state Antony Blinken said at the weekend the Biden administration was looking “actively” at a deal that would involve the US supplying American F-16 fighter jets to Poland to make up for the shortfall.The Polish government said yesterday it would send the Soviet-era jets to the US air force base in Ramstein, Germany “immediately and free of charge”, adding it was prepared to pay for the F-16 replacements.But the Pentagon last night ruled out the complex plan. “The prospect of fighter jets ‘at the disposal of the . . . US’ departing from a US Nato base in Germany, to fly into airspace that is contested with Russia over Ukraine, raises serious concerns for the entire Nato alliance,” Kirby said.The Kremlin warned western countries against providing combat aircraft to Ukraine, describing the proposal as a “potentially dangerous scenario”.Meanwhile, Russia is pushing ahead with its planned invasion of the Ukrainian capital Kyiv, with fighting ongoing in the north-west of the city. The Russian army has also continued to besiege the cities of Kharkiv, Chernihiv, Sumy and Mariupol which have all been subjected to heavy shelling. Volodymyr Zelensky, Ukraine’s president, has repeatedly asked Nato members who own old Russian-made warplanes to give them to Ukraine. The Biden administration had ruled out a transfer of fighter jets, but an emotional plea by Zelensky to 300 members of Congress via a Zoom call at the weekend prompted a rethink by the White House, administration officials said.More on UkraineEnergy market: The Biden administration has told US shale producers they must do “whatever it takes” to increase supplies. Yesterday, the US and UK announced a ban on Russian oil imports and the EU unveiled a plan to radically reduce its dependency on Russian oil and gas. What does banning Russian oil mean for global energy markets? Our energy team explains.Business news: McDonald’s led a fresh exodus of western businesses from Russia, saying it would temporarily close all of its 850 restaurants in the country. The exit of iconic American brands from Russia marks the end of an era. Markets Briefing: Nickel prices hit another record high today. A bad bet has left a Chinese metals tycoon facing billions of dollars in potential losses.Financial services: International lenders including Citigroup, ING and JPMorgan are reviewing their relationship with Dutch telecoms group Veon after the owner of its largest shareholder, Mikhail Fridman, was hit by sanctions.Cyber security: A secret US mission across several years may explain why Ukrainian networks have held up so far against Russian cyber attacks.China: US intelligence chiefs said the rapid response of the west to Russia’s invasion of Ukraine would probably influence Beijing’s calculus over its goal of securing control of Taiwan.Opinion: The west should strengthen sanctions, though they may ruin Russia’s economy without changing its policy or regime, argues Martin Wolf. The war in Ukraine is prompting a rethink among investors of ESG and the defence sector, writes Peggy Hollinger.Follow our live blog for the latest developments and the conflict explained in maps.Four more stories in the news1. Apple launches high-end PC The iPhone maker yesterday announced the launch of a new high-end desktop computer as it seeks to capitalise on the success of its M1 desktop processor. It also announced the revamp of its entry level iPhone SE phone with 5G.In other technology news: Google has agreed to acquire cyber security company Mandiant for $5.4bn. The all-cash deal comes as the internet giant looks to boost its cloud computing business and catch up with Amazon and Microsoft. 2. Venezuela frees US oil executive Gustavo Cárdenas, an oil manager who worked for the US-based, Venezuelan-owned oil company Citgo Petroleum Corp was freed yesterday following talks between the Maduro government and the Biden administration at the weekend. Jorge Alberto Fernández, a Cuban-American man arrested just over a year ago and accused of spying, was also freed.3. Qatar mediates between Iran and US in nuclear talks Qatar has stepped up its role in mediating between the US and Iran as western powers have been striving to convince wary Iranian leaders to sign a deal to revive the 2015 nuclear accord, according to people briefed on the talks.4. Ex-Apollo executive explores bid for Chelsea FC Josh Harris, the US billionaire and former top executive at Apollo Global Management, is exploring a bid for Chelsea football club, according to people familiar with the matter.The day aheadIMF votes on aid package for Ukraine The proposed support package would meet the request made by Ukraine last week for $1.4bn under the IMF’s Rapid Financing Instrument.Russia bond ruling The Credit Derivatives Determinations Committee, a group of banks and asset managers tasked with ruling when a company or country defaults on its debts, will determine whether Moscow’s move to allow some bonds to be paid in roubles rather than other currencies would contravene other rules underpinning credit default swaps.Corporate earnings  Campbell Soup Co is likely to post a slight dip in second-quarter revenue, as demand for its soups and sauces is expected to ease from the soaring levels seen at the height of the pandemic. Investors will be looking out for the company’s outlook and its commentary on margins and cost inflation.Join us tomorrow for an hour of empowering talk about money with a panel of female experts convened by the FT and its new charity, the Financial Literacy and Inclusion Campaign (FT FLIC). We will share practical tips and answer your questions about the money issues that matter most to women. Register for free.What else we’re readingWill the Baltics become the ‘new West Berlin’? Estonia, Latvia and Lithuania could potentially be encircled by Russian expansion, but their leaders insist they have never been so secure. Richard Milne, the FT’s Nordic and Baltic bureau chief, reports from the region for today’s big read. Dealers cannot sell EVs they do not have Russia’s attack on Ukraine has highlighted concerns about oil dependency and petrol prices as electric vehicle manufacturers start to make good on their promises to deliver greener cars. But there are complications ahead, warns Brooke Masters.‘Brutal’ selling knocks Tiger Cub hedge funds Steep losses have proved “wicked punishment” in recent months for managers holding speculative US stocks, pummelling several hedge funds spawned by Julian Robertson’s investment firm Tiger Management. But the relative resilience of some companies to the “tech wreck” obscures the extent of wealth destruction.Hong Kong is stuck in limbo as Covid cases soar Living in Hong Kong is like being stuck in a real-life version of Waiting for Godot, writes Ravi Mattu, the FT’s deputy Asia editor. Residents are faced with a difficult choice: continue waiting for authorities to act — or decide to leave.My phone was controlling me, so I went on a digital diet For two weeks I tried to build a new healthier relationship with technology, writes technology correspondent Madhumita Murgia, with mixed results.Property From a solar-powered villa on the edge of Lake Como to a Nassau beach house with its own rainwater treatment system, here are five exclusive homes for sale with sustainable features. More

Investing.com — Global markets brighten up on first signs of compromise from the Russian and Ukrainian governments (but the fighting goes on, regardless). Apple (NASDAQ:AAPL) moves into the market for high-end desktops, at the same time as relaunching its cut-price iPhone SE. Nickel trading remains halted as a major Chinese producer faces an $8 billion loss. Russia’s central bank bans foreign currency sales, pushing the ruble lower again. The Labor Department publishes its monthly job openings survey and U.S. oil inventory data will show the impact of record-high gasoline prices. Here’s what you need to know in financial markets on Wednesday, 9th March.1. Markets up on signs of diplomatic shift in Russia, UkraineThe mood in global markets brightened after Russia’s Foreign Ministry spokeswoman Maria Zakharova said Russia has no intention of occupying Ukraine or overthrowing its government, a clear step away from its previous position of wanting to ‘de-Nazify’ the country.The comments came a day after Ukraine’s democratically-elected (and Jewish) President Voldymyr Zelensky said he had “cooled” on the idea of joining NATO, the prospect of which was a prime factor behind Russia’s invasion.European stock markets rose as much as 5%, while the euro rebounded 0.8% to $1.0985 by 6:15 AM ET (1115 GMT).As ever, diplomatic rhetoric shifts according to its audience, and is often at odds with events. Zakharova also said that Russia’s actions aren’t aimed at Ukraine’s peaceful population – despite widespread evidence of repeated shelling of refugees trying to flee through ‘safe’ corridors it had guaranteed. Zelensky, meanwhile, told the British parliament that Ukraine would fight on “to the end” on Tuesday.2. Russian economic crisis worsens as exodus continues, central bank restricts stops FX salesRussia’s economy continues to lurch into chaos. The Central Bank late on Tuesday stopped banks from selling foreign currency for six months, a move that suggests it expects the current sanctions regime to last at least that long. The dollar rose another 12% on local exchanges to 118.07 rubles.Vladimir Putin signed a decree late on Tuesday restricting the export of raw materials, in an attempt to appear still in control of an economic situation largely driven by external forces. The U.S. and U.K. both said they will ban Russian oil imports on Tuesday, while the EU outlined plans to cut its imports of Russian gas by two-thirds within a year.The list of private companies exiting Russia continued to lengthen: McDonald’s (NYSE:MCD) and Yum! Brands (NYSE:YUM), the owner of KFC and Pizza Hut, both said they will suspend operations. Coca-Cola (NYSE:KO), PepsiCo (NASDAQ:PEP) and Starbucks (NASDAQ:SBUX) have all done the same within the last 24 hours.3. Stocks set to open higher; Apple, JOLTS eyedU.S. stock markets are set to join the global bounce later, with dip-buying trading algorithms making the most of the shift in sentiment.By 6:15 AM ET, Dow Jones futures were up 468 points, of 1.4%, while S&P 500 futures were up 1.7% and Nasdaq 100 futures were up 2.0%. That’s considerably more than what they lost on Tuesday.Stocks likely to be in focus later include Apple, which announced plans to expand in the high-end desktop computer market late on Tuesday, offsetting some fears about cannibalization of its iPhone business with the relaunch of its iPhone SE product. Also in focus will be electric vehicle makers, as the consequences of the turmoil in nickel futures continue to ripple through markets. Oatly is arguably the most interesting of the few companies reporting earnings, while Adidas’ figures released earlier went some way to making up for recent volatility.The Labor Department’s monthly job openings survey leads a thin data calendar.4. Nickel market remains shut as Chinese producer faces $8 billion lossNickel trading remained closed in both Shanghai and London as the two exchanges made slow progress in unwinding the massive loss-making short position held by Tsingshan, a Chinese nickel producer.Tsingshan faces losses of some $8 billion on its position, according to various reports.The London Metals Exchange has been fiercely criticised for its decision to cancel some trades made earlier in the week, which it said was due to the threat to the viability of some its members.“The ability of the financial system to get that money to the members in London and then into the exchange I think would have been significantly stressed,” LME CEO Matt Chamberlain told Bloomberg.5. Oil eases off highs; U.S. inventories eyedCrude oil prices eased off recent highs, in a further reflection of the slight improvement in global market sentiment.By 6:20 AM ET, U.S. crude futures were down 2.3% at $120.92 a barrel, while Brent futures were down 1.7% at $125.75 a barrel.The upward pressure on oil has also been relieved by realizations that the ban announced by the U.S. and U.K. on Russian oil imports will have a largely symbolic character, owing to the small volumes affected. U.S. imports from Russia were running at less than 100,000 barrels a day so far this year, according to government data.The U.S. publishes inventory data at 10:30 AM ET, where the key variable will be what impact record-high pump prices are having on gasoline demand. More