China's Trying Not to Take Sides

Bond yields retreated and U.S. equity indexes swung from red to green and back again, as the global community continues to respond to Russia’s invasion of Ukraine. UK-based BP dumped its 19% stake in Russian oil and gas producer Rosneft, while Switzerland stepped forward from centuries of neutrality to freeze Russian assets held by its banks. And Singapore has imposed its own sanctions on Russia, a rare move by the southeast Asian country. Officials elsewhere have taken steps to cut off Russia’s access to its estimated $630 billion of foreign reserves. The Russian ruble has collapsed, while Russia’s central bank more than doubled its benchmark interest rate to 20% and closed the country’s stock market on Monday. Russian bonds tumbled, and investors braced for the possibility that Western sanctions could push Russia to default for the first time since 1998. Jacob Shapiro, Director of Geopolitical Analysis at Cognitive Investments, joins Real Vision’s Maggie Lake to assess the geopolitical situation. And Harry Melandri, Advisor at MI2 Partners, is here to appraise markets’ reaction in today’s edition of the Daily Briefing. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3poBBa6

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