Global Economic Monitor 220328

(Introduction)

[Markets]

•   Global: Wall Street pauses stock comeback, keeps Treasury yields climbing

※   Stocks muted as tech gives up some gains

※   U.S. Treasury yields near three-year peak

※   Oil prices reverse, add to recent highs

※   Safe-haven gold dips

•   Metals: Copper, aluminum fall on profit-taking in thin trading day

•   Grains: U.S. soybean futures rise export strength; corn, wheat also strong

•   한국: 코스피 0.01% 오른 2,720대 보합권 마감…외인·기관 순매도

•   한국: 국채금리 고공행진…7년6개월 만에 최고

[Indicators]

•   US Feb. Pending home sales: U.S. Pending Homes Sales Unexpectedly Decline for a Fourth Month

•   US Weekly Rig count: U.S. adds oil rigs for 19th month but at slowest pace since 2020 -Baker Hughes

•   Germany Mar. Ifo business climate: War in Ukraine causes German business morale to collapse

•   UK Feb. Retail sales: UK retail sales drop as shoppers hit by inflationary fears

•   China Jan-Feb. Industrial profits: China’s Industrial Profits Accelerate 5% in First Two Months

•   한국 주간 주택시장 동향(KB): 서울 아파트 매수 살아나

•   한국 3월 주택가격(KB): 3월 전국 집값상승률, 약 2년 만에 최저… 매매전망지수는 반등

[News]

•   WSJ: Russia Refocuses on Ukraine’s East After Month of Heavy Losses

※   High casualties and stiff resistance prompt a shift by Moscow, while Biden visits Poland, signaling U.S. support for Ukraine

•   WSJ: Ukraine Seeks to Exploit Shift in Russia’s Military Strategy

•   WSJ: U.S. to Boost Gas Deliveries to Europe Amid Scramble for New Supplies

※   Efforts to reduce Europe’s dependence on Russian energy is a central topic at talks between Biden, EU leaders

※   White House: FACT SHEET: United States and European Commission Announce Task Force to Reduce Europe’s Dependence on Russian Fossil Fuels

•   WSJ: Europe’s Energy Woes Are Rerouting Global Gas Flows

•   WSJ: Biden’s Poland Visit Spotlights Weapons, Humanitarian Aid for Ukraine

•   WSJ: U.S. Officials Rush to Clarify Biden’s Comment on Russia’s Putin

※   President’s ‘cannot remain in power’ remark regarding Moscow’s leader could test NATO unity

※   White House: Remarks by President Biden on the United Efforts of the Free World to Support the People of Ukraine

•   WSJ: Putin Stokes Nuclear Fears With Atomic Weapons Warnings

•   WSJ: Biden to Propose New Minimum Tax on Wealthiest Americans

※   The White House will propose a 20% minimum tax on the income and rising asset values of households worth more than $100 million

•   WSJ: Fed's Williams: Fed Can Boost Rates By 50 Basis Points if Needed

※   Federal Reserve Bank of New York leader says rate decisions to depend on performance, expected performance of economy at time of FOMC meetings

•   WSJ: IRS Delays, Sudden End to Tax Break Leave Employers Frustrated With Covid Credits

•   WSJ: Capital Spending Boom Helps Raise Productivity, Contain Costs

•   WSJ: China Looks to Salvage Relationship With Europe

•   WSJ: Shanghai to Put 25 Million in a Staggered Covid Lockdown

※   Decision comes day after officials denied Covid-19 lockdown plans, amid a rise in mostly asymptomatic cases

•   WSJ: China, India Try to Improve Ties Damaged by Deadly Border Clash

•   WSJ: India’s Russian-Oil Buy: Red Flag or Red Herring?

•   WSJ: A Middle East Geopolitical Realignment Accelerates to Confront and Contain Iran

•   WSJ: Behind the Scenes, the IPO Playbook Is Changing

•   WSJ: What Sanctions Mean for Russia’s $140 Billion in Gold

•   WSJ: How a Russian Steel Giant Was Unplugged From the Western Economy

•   WSJ: The Riskiest Bets in the Stock Market Are the Most Popular

•   WSJ: War in Ukraine Reveals Flaws in Sustainable Investing

•   WSJ: U.S., EU Reach Preliminary Deal on Data Privacy

•   WSJ: Small Trucking Companies Are Getting Squeezed by Soaring Diesel Prices

•   WSJ: Ukraine War Drives Up Cost of Wind, Solar Power

•   WSJ: Soaring Oil Prices Bring Fiscal Windfall to Alaska

•   WSJ: Volkswagen Prepares for a Deglobalized World

•   WSJ: Pfizer, Moderna and J&J Face Shareholder Pressure to Broaden Covid-19 Vaccine Access

•   WSJ: Natural-Gas Industry Gets Boost as Biden Shifts Stance

•   NYT: More Russian Mercenaries Deploying to Ukraine to Take On Greater Role in War

•   NYT: Blinken to Press Mideast Allies for Stronger Support for Ukraine

•   NYT: Biden Administration Plans to Offer Second Booster Shots to Those 50 and Up

•   NYT: How Joe Manchin Aided Coal, and Earned Millions

•   NYT: French Far-Right Candidate Vows to Fight for Identity as Prospects Fade

•   NYT: Late Surge Has Fiery French Leftist Eyeing Presidential Runoff

•   NYT: Bad Tidings From the Bond Market

•   WP: ‘Diminishing returns’: What can change Putin’s course in the Ukraine war?

•   WP: Russia’s war in Ukraine galvanizes extremists globally

•   WP: Russian forces are occupying city housing Chernobyl workers, mayor says

•   WP: Yemeni Rebel Attack Sets Saudi Oil Facility Ablaze

•   WP: How covid brain fog may overlap with ‘chemo brain’ and Alzheimer’s

•   FT: Ukraine’s violent stalemate: how Russia’s offensive became a war of attrition

•   FT: It may be impossible to settle with Putin

•   FT: Millions of Ukrainians seek safety within war-torn country’s borders

•   FT: European wave of Omicron sub-variant BA.2 foreshadows US surge

•   FT: EU leaders split on where to go next on Russia sanctions

•   FT: UK Covid infections jump by a million in a week

•   FT: Brexit blamed as UK misses out on global trade rebound

•   FT: Boris Johnson’s carbon-cutting ambitions tested by cost of living crisis

•   FT: Johnson’s UK energy strategy stalls as Sunak resists new spending

•   FT: UK small businesses struggle with bureaucratic quagmire after Brexit

•   FT: Biden steers away from big change to US nuclear weapons policy

•   FT: China threat to Taiwan highlighted by Ukraine war, warns US admiral

•   FT: Evergrande crisis locks Chinese developers out of global debt market

•   FT: Spectre of ‘Indo-Pacific Nato’ accelerates China’s decoupling from the west

•   FT: Shanghai to lock down financial district as it tries to rein in Covid

•   FT: IMF and Argentina finalise new $44bn programme

•   FT: Nuclear deal with Iran is not imminent or inevitable, US official warns

•   FT: Saudi Arabia and UAE push for more security support from US

•   FT: Export controls risk exacerbating food crisis, WTO chief warns

•   FT: Is Peru becoming an ungovernable country?

•   FT: Bolsonaro’s fuel dilemma puts Petrobras chief on shaky ground

•   FT: US companies buy back shares in record volumes

•   FT: Will Opec increase oil output as Russia disruption lifts prices?

•   FT: Investors bet Ukraine war will prompt companies to bring production onshore

•   FT: ‘You can’t just turn on the taps’: bottlenecks hit hopes of US oil output surge

•   FT: ‘Will l be allowed a cleaner, or a driver?’ Life after sanctions for a Russian oligarch

•   Bloomberg: Russia Seen on Course for Deep Two-Year Recession, 20% Inflation

•   Bloomberg: Charting the Global Economy: Factory Costs Surge From Russia War

•   Bloomberg: Biden Budget Woos Moderates With Deficit Cuts, Flexibility

•   Bloomberg: Fed’s Best Hope Increasingly Looks Like a ‘Semi-Hard’ Landing

•   Bloomberg: The U.S. Dollar’s Dominance Is Being Stealthily Eroded

※   IMF: The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies

•   Bloomberg: German Industry Powerhouse Shaken to Core by War in Ukraine

•   Bloomberg: Germany’s Scholz Holds Momentum With Emphatic State Election Win

•   Bloomberg: Germany to Halve Russian Oil Imports by Mid-Year, Spiegel Says

•   Bloomberg: Hot U.K. Inflation Spurs Biggest Bets on Rate Cuts in 15 Years

•   Bloomberg: China Covid Spike Preceded by Surge in Cases From Hong Kong

•   Bloomberg: China Economy Faces Worst Slowdown Since Pandemic, Nomura Says

•   Bloomberg: EU Analysis Suggests China May Send Tech Hardware to Help Putin

•   Bloomberg: Japan’s Kishida to Order Economic Package Next Week, Suzuki Says

•   Bloomberg: Kuroda Insists Inflation Will Trigger Policy Change, Not the Yen

•   Bloomberg: India Asks Power Firms to Import Coal on Electricity Demand

•   Bloomberg: Commodity Boom Remains Untapped as South Africa Fights Rail Woes

•   Bloomberg: World’s Hottest Green Bond Market Lacks ‘Greeniums’ — For Now

•   Bloomberg: Mounting Fed Bets, War Uncertainty Put Battered Yen in Focus

•   Bloomberg: China Stirs Unease for ESG Managers Blindsided by Russia’s War

•   Bloomberg: Powell-Backed Yield Curve Gives Fed Leeway to Go Max Hawkish

•   Bloomberg: War Sparks Wall Street’s Rush to Commodity-Rich Emerging Markets

•   Bloomberg: China’s Worsening Virus Threatens Commodities Supply and Demand

•   Bloomberg: A World That’s More Expensive Is Starting to Destroy Demand

•   Bloomberg: Russian Tankers Going Dark Raises Flags on Sanctions Evasion

•   Bloomberg: Tesla to Suspend Production at Shanghai Plant on Virus Curbs

•   Bloomberg: Biden Risks Undercutting Climate Goals With Wartime Pivot to Gas

•   Bloomberg: Putin's War Is Changing the Power Consumption Behaviour

•   Bloomberg: Biden Eyes Long-Term Hydrogen Breakthrough in Plan for Gas to EU

•   Bloomberg: China Could Hit 2030 Renewable Target by 2025 on Local Ambitions

•   Reuters: Ukraine willing to be neutral, says Russia wants to split nation

※   Russia-backed region signals possible referendum

•   Reuters: Ukraine crisis likely to slow global economic growth, Yellen says

•   Reuters: ECB's Lagarde does not see risk of stagflation

•   Reuters: The Treasury market tumble in 5 charts

•   Reuters: Investors dump emerging market funds on slowdown worries

•   Reuters: Russia warns West: gas bills in roubles are just days away

•   Reuters: Uncertain path for oil markets in coming days

•   Reuters: Drugmakers, scientists begin the hunt for long COVID treatments

•   Reuters: Second COVID vaccine booster significantly lowers death rate, Israeli study shows

•   Reuters: EXCLUSIVE U.S. boost fines for automakers not meeting fuel economy rules in Tesla win

•   Reuters: Exclusive: China's Sinopec pauses Russia projects, Beijing wary of sanctions

•   Reuters: Explainer: Could the U.S. ship more LNG to Europe?

•   Reuters: Factbox: China's energy investment in Russia

•   Reuters: Analysis: Bogged down in Ukraine, Russia moves war goalposts

•   Reuters: Analysis: When it comes to oil, the global economy is still hooked

•   Reuters: Analysis: New EU rules regulating U.S. tech giants likely to set global standard

•   Reuters: Analysis: With largest test yet, North Korea's ICBM programme hits new heights

•   CNN: Is a recession coming? Alan Greenspan says the answer is in men's underwear

•   CNBC: Biden’s job approval rating hits lowest point of his presidency as most Americans think the U.S. headed in the wrong direction

•   CNBC: Chip industry under threat with neon production set to fall off a cliff following Russia’s invasion of Ukraine

•   CNBC: Russia is considering selling its oil and gas for bitcoin as sanctions intensify from the West

•   CNBC: China’s EV makers could see a ‘shake down’ as they hike prices on rising material costs

•   MarketWatch: Larry Fink says globalization is over — Here’s what it means for markets

•   Fox Business: Inflation trumps job creation: Why Biden can't catch a break on the economy

•   SCMP: China food security: Premier Li Keqiang warns of ‘new challenges’ as Ukraine war poses risk to world supply

•   SCMP: China’s coronavirus lockdowns jam ports in Hong Kong and Shenzhen, risking further ‘chaos’ for supply chains

•   SCMP: China’s yuan under pressure amid ‘unprecedented’ capital outflows following Russian invasion of Ukraine

•   SCMP: China-India population debate comes down to quantity vs quality after social media sparks storm

•   SCMP: Russian gas sales to China ‘will not make up for loss of European markets’ after Ukraine invasion

•   SCMP: Can China play the role of peacemaker in the Middle East and Horn of Africa?

•   SCMP: South Korean shipbuilders weigh US$6.5 billion cost of Ukraine crisis, but could China reap the benefits?

•   Caixin: Tech Insider: DJI Replies to Kyiv Criticism, Weibo’s Washington Warning

•   Caixin: China Green Bulletin: China Lays Out Its Hydrogen Roadmap

•   Nikkei Asia: Are energy companies' carbon neutral gas products truly green?

•   Nikkei Asia: 67% approve of Kishida's handling of Ukraine war: Nikkei poll

•   Nikkei Asia: Japan says prices are rising for the 1st time since 2020

•   Nikkei Asia: Modi seeks to foster Indian rivals to DJI with drone import ban

•   Economic Times: Indian consumers show cautious optimism; balancing non-discretionary spends, says report

•   Economic Times: Ukraine war unlikely to roil Rs 5 tn refinancing next fiscal: Report

•   매경(P1): 초밥에 치이고, 짬뽕에 밀리고…한식, 한국인마저 점점 외면

•   매경: "매수문의 전화 부쩍 늘었어요"…잠잠하던 용산 강남 분당 집값 꿈틀

•   매경: '한국 vs 일본' 공중전 불붙었다…일단 치고나간 건 일본

•   매경: 5월에 더 기대되는 가상화폐…尹정부 4가지 핵심 공약 해부

•   매경: "北도발, 한미동맹 더 강하게 만들뿐"

•   매경(P1): [단독] 종합소득세 환급금, 200만명에 자동 지급

•   매경: [단독] "文정부때 우후죽순" 정부위원회 확 줄인다

•   매경: 상의·경총 "새정부, 기울어진 노사 균형 맞춰달라"

•   매경: "유가 110달러 땐 경상흑자 50조 줄어"

※   금융연구원: 우크라이나 전쟁에 따른 국제수지 불균형 발생 우려

•   매경: 유가 150弗 넘으면 韓기업 70% 적자

•   매경: 건설안전법 급제동…한숨돌린 건설업계

•   매경: '월 이용료 60만원'…서빙로봇 대중화 시대 열린다

•   한경(P1): 檢, 산업부 압수수색…'탈원전 블랙리스트' 수사

•   한경: 3년 묵힌 '탈원전 수사 캐비닛' 열었다…檢 칼끝, 文 겨냥하나

•   한경: 월성 경제성 조작 등 '권력형 비리수사' 속도 낼 듯

•   한경: '산업부 OB' 이창양 "쑥대밭 된 산업부, 이제 성장전략 주도해야"

•   한경(P1): "현대제철, 협력사 노조와 교섭하라"…중노위 결정에 산업계 '초비상'

•   한경: '여의도 저승사자' 부활 검토

•   한경: "죄송합니다"…셀트리온 서정진, 깜짝 전화 연결 자처한 까닭

•   한경: PPT 띄운 롯데…주주 질문·응답에 1시간

•   한경: 선박 '탄소 규제 쓰나미' 온다…희비 엇갈리는 조선·해운업계

•   한경: SKT "메타버스 플랫폼서 연내 암호화폐 도입 목표"

•   한경(P1): "1주택 보유세, 작년보다 최대 35% 감소"

•   한경: 땜질 처방에…부동산稅는 누더기

•   한경: 2년 前 부동산 세금으로 돌리려면

•   한경: 1126만원 잠실주공 보유세, 여야 추진 '2020년 공시가' 적용해보니

•   한경(P1): 유류세 인하 30%로 확대…휘발유 L당 82원 내린다

•   한경(P1): 에디슨모터스, 쌍용차 인수 끝내 무산

•   한경(P1): 교세라 다니모토 히데오 사장 "포스트 코로나 시대엔 선택과 집중보다 다각화"

•   한경: 가계대출 석달째 감소…비상걸린 은행들, 대출빗장 푼다

•   서경: 불안한 기업들, 가동률 낮추고 투자 미룬다

•   서경: "카페 사장하겠다는 사람이 한 트럭"…무덤이 된 커피창업

•   서경: 미래학자 탭스콧 "일상 바꿀 메타버스 ‘전환점’ 왔다"

•   서경(P1): [단독] 美, 韓에 '칩4 동맹' 제안…"반도체망서 中 고립"

•   서경: [단독] 美, IPEF 이어 칩4 '초강력 카드'…반도체 동맹으로 中 숨통죄기

•   서경: 인텔, 유럽에 110조 투자…삼성·TSMC는 美공장 건설

•   서경: '칩4 동맹' 현실화땐 中 경제보복…정부·기업, 수용은 쉽지 않을듯

•   서경(P1): [단독] "기아 전기 PBV 택시 5월 국내 첫선"

•   서경: [단독] "기아, 5년 후 수소 PBV 상용차 출시…물류차량 게임체인저될 것"

•   서경: [단독]인수위 '군기잡기'에…가시방석된 업무보고

•   서경: [단독] 한전, 1분기에만 회사채 10조 발행…'돌려막기'조차 어려워진다

•   서경: 정부, 임대료·관리비로만 매달 32억 넘게 쓴다

•   서경: 한국 휘발유값 더 비싸네…세계 평균보다 26% 높아

•   조선(P1): 김정은 “美와 장기전, 용감히 쏘라”… 美는 즉각 제재

•   조선: 김정은 슬로모션 등장, 긴박한 BGM… 영화 예고편같은 北 ICBM 영상

•   조선: 이동식발사대서 곧바로 쏜 北, 핵위협 발언 13차례 쏟아냈다

•   조선: ICBM 정각발사하거나 7차 핵실험할 가능성

•   조선(P1): 윤석열 “무리한 다주택자 규제 살펴야”

•   조선: 尹, 가이드라인 제시… 안전진단 등 재건축 규제완화 급물살 탈듯

•   조선(P1): 文이 임명한 감사원장이 ‘文의 알박기 인사’ 막았다

•   조선: 70%대 原電가동률, 85%로 높일 듯

•   조선(P1): [NEWS&VIEW] 용산·사면·추경… 일괄 타결 시도

•   조선(P1): 코로나 정점 찍은 듯, 확진자 11주만에 감소

•   조선: 두통·기침·피로… 격리 풀려도 2개 이상 후유증 시달려

•   조선: “오미크론이후 새 변이, 6개월 이내 나타날 것”

•   조선: 확진자 쏟아지며 예약 취소 봇물… 자영업자들 울상

•   조선(P1): [NOW] 휘발유보다 비싼 경유 파는 주유소 등장… 트럭기사 “차 세울판”

•   조선: ‘배민’ 배달료 1000원 이상 오른다...자영업자들 “엎친 데 덮친 격”

•   조선: [단독] 탈원전·재생에너지 정책 앞장, 탄소중립위 윤순진 위원장 사의

•   조선비즈: 尹정부, 해외자원개발 드라이브…법 개정·공기업 부채는 숙제

•   조선비즈: 한은 “中 부동산 시장, 본격 회복까지 시간 더 필요”

※   한국은행: 해외경제 포커스(제2022-9호)

•   조선비즈: 친환경 전기 만들어 충전까지… ‘에너지 슈퍼스테이션’ 가보니

•   조선비즈: “똑같이 빵 팔아도 남는 돈은 반토막”… 밀가루값 상승에 비명 지르는 빵집

•   조선비즈: “CPTPP 가입시 GDP 0.35% 성장”…반대 시위에 공청회는 조기 종료

•   조선비즈: 문승욱 산업장관 “韓, 비축유 442만배럴 방출 추진”

•   조선비즈: 은행 주담대 금리 9년 만에 4% 넘어… KB 가장 낮고, 우리 가장 높아

•   조선비즈: 애플-TSMC, 5G 통신칩 협력에… 설 자리 좁아진 삼성전자

•   조선비즈: 삼성, 아이폰 SE 개통일에 갤럭시 A23 ‘깜짝’ 출시…안방 점유율 사수

•   조선비즈: 두산, LG家 방식 따르나… 박용만 父子, 지분까지 판 배경은

•   중앙(P1): “확진자 정점 찍어도 완만하게 줄어 당분간 사망 늘 듯”

•   중앙(P1): [불붙은 신자원민족주의]신자원민족주의 불붙었다

•   중앙: [불붙은 신자원민족주의]공급망·전쟁 리스크 겹쳐 ‘자원 무기화’ 가속, 90% 수입 한국 초비상

•   중앙: [불붙은 신자원민족주의]‘유럽의 빵 공장’ 우크라 사태로 곡물 가격 급등…러시아·터키 등 수출 중단 ‘애그플레이션’ 우려

•   중앙: [불붙은 신자원민족주의]지난 10년간 멈춘 해외 자원 개발, 민간업체가 명맥 이어

•   중앙: “이젠 우리가 마이너리티” 미확진자, 회사 출근 걱정

•   중앙(P1): 60세 이상이 위험하다, 확진자의 20% 돌파

•   중앙: 재건축 시장 벌써 들썩…인수위 “시장 불안 안 나타나게 할 것”

•   동아(P1): [단독]前 발전자회사 사장 “2017년 산업부 국장이 사표 요구”

•   동아(P1): 尹정부 첫 총리, 한덕수 김한길 박주선 등 물망

•   한국(P1): 커지는 北 '4월 핵실험'설... ①대남 총공세 ② 풍계리 갱도 '지름길'

•   국민: 또다시 불붙은 외교부·산업부 ‘통상’ 쟁탈전

•   세계(P1): [단독] 탄소중립 달성 이행 방안 대수술… 원전비중 높인 에너지 믹스 제시

•   세계(P1): 尹 “北 비핵화 긴밀 협력” 習 “양국 관계 발전 노력”

•   경향: [단독]윤석열 당선인 ‘픽’은 권영세?···총리 후보자 김기현·박용만·안철수 등도 거론

•   머니투데이: [단독]"中이 잘해줄 것이란 기대는 환상...삼성 볼모로 잡혀"

•   헤럴드경제(P1): 환경에 진심인 세대…엠제코(MZ-Eco)가 뜬다

•   파이낸셜뉴스(P1): [단독]'50조 추경' 지방선거 직전에 푼다

•   파이낸셜뉴스: [단독]기재부-인수위 추경 교감…소상공인 지원금, 새정부서 풀린다

•   파이낸셜뉴스(P1): 기업 원자재대란… 반도체 뺀 영업익 10% 급감 [기업 덮친 원자재 대란]

•   디지털타임스(P1): [기획] 우크라戰 한달, 버팀목 수출도 휘청인다

•   이데일리(P1): 돈 못받고 강제 하역까지…우크라 장기화에 中企 줄도산 위기

•   이데일리: 공급망 위기에 차 1대당 '배터리값 1천만원↑'…'가격경쟁' 심화

•   아주경제: [단독] 한전 적자 우려에 꼼짝 안 하는 정부···尹 '전기요금 인상 백지화' 좌절

•   더구루: [단독] 삼성전자, 인도 통신장비 공장 건설 재추진

•   전자신문(P1): 中 네온가스 배짱장사…반도체용 17배 폭등

•   전자신문(P1): 삼성전자 1분기 매출, 70조원 첫 돌파 예상

•   전자신문: 중하위권 파운드리...해외는 공격 행보, 국내는 주춤

[Opinions]

•   Project Syndicate(J. Bradford DeLong): America's Macroeconomic Outlook

•   Project Syndicate(Todd G. Buchholz, Michael Mindlin): Fight Inflation with Supply-Side Labor Reform

•   Project Syndicate(Slavoj Žižek): From Cold War to Hot Peace

•   Project Syndicate(Takatoshi Ito): East Asian Security After Ukraine

•   Project Syndicate(Andrew Sheng, Xiao Geng): The Ukraine War Is Reshaping Development

•   FT(Editorial Board): No winners in Rishi Sunak’s fiscal drag race

•   FT(Editorial Board): A bad month for Trumpism, if not Trump

•   FT(Editorial Board): The EU tries to loosen Big Tech’s grip

•   FT(Editorial Board): The west’s agonising choices on Ukraine

•   FT(Janan Ganesh): The war that put Silicon Valley in its place

•   FT(Edward Luce): Biden’s inconvenient truth on Putin

•   FT(Martin Sandbu): The case for joint European energy procurement is irresistible

•   FT(Katie Martin): Bond market buckles to the inevitability of rate rises

•   FT(Alicia García-Herrero): Rallying Chinese markets will not be a quick fix for Beijing

•   FT(Helen Thomas): Why the government’s bid to boost business investment could fail

•   FT(Stefan Wagstyl): Farm commodities — gamble or hedge?

•   FT(Lex): EU/Russian gas: dial down thermostat to avoid blackouts further down the line

•   WSJ(Editorial Board): Meanwhile, Watch China in the Pacific

•   WSJ(Editorial Board): Biden’s Great Energy and Climate Contradiction

•   WSJ(Editorial Board): Bernie Sanders Loves a Ukraine War Tax

•   WSJ(Judy Shelton): Putin May Fear Default More Than Defeat in Ukraine

•   WSJ(Holman W. Jenkins, Jr.): Measuring Out Putin’s Defeat in Ukraine

•   WSJ(Andy Kessler): Ukraine’s Asymmetric War

•   WSJ(Tunku Varadarajan): A Veteran Putin Foe Sizes Up the Response to the War in Ukraine

•   WSJ(illian Kay Melchior): Lviv Prepares for Russia’s Worst

•   WSJ(George E. Bogden): How Bill Clinton Sealed Ukraine’s Fate

•   WSJ(Melik Kaylan): Why Won’t We Call Putin a Colonialist?

•   WSJ(Thomas D. Grant): Beware a Phony Peace in Ukraine

•   WSJ(Dan Blumenthal): Beijing Gains From the Ukraine Invasion

•   NYT(Paul Krugman): How High Inflation Will Come Down

•   NYT(Paul Krugman): Wonking Out: To Shale and Back, Redux

•   NYT(Peter Coy): This Economist Really Loves Free Markets

•   NYT(Karolina Wigura, Jaroslaw Kuisz): Russia’s Neighbors Are Worried They’ll Be Next

•   NYT(Eileen O’Connor): Putin Cares About Only One Thing, and It’s Not Oligarchs

•   NYT(Rod Buntzen): This Is What It’s Like to Witness a Nuclear Explosion

•   WP(Editorial Board): Saudi Arabia’s murderous ruler must not be appeased

•   WP(Editorial Board): Finding tougher Russia sanctions requires some creativity

•   WP(Editorial Board): North Korea’s man with the shades and the missiles just won’t disappear

•   WP(Max Boot): Biden’s support for Ukraine and opposition to Putin were no ‘gaffe’

•   WP(George F. Will): To avoid nuclear calamity, Biden makes a delicate calibration about Putin

•   WP(Daniel W. Drezner): Why did deterrence fail in Ukraine?

•   WP(William Hanage): A peek into Pfizer’s hyper pursuit of a vaccine

•   WP(Benjamin Sawyer): Russia is threatening a move that will haunt its economy for decades

•   Bloomberg(Editorial Board): The U.S. Needs to Take a Chance on Trade With Asia

•   Bloomberg(John Authers): For Markets and Ukraine, ‘Good’ Scenarios Have Gone and Risk Assets Are a Gamble

•   Bloomberg(Julian Lee): Germany Is Trying to Pivot From Russian Oil. It’ll Struggle

•   Bloomberg(Matthew A. Winkler): You Say the Fed Is Behind the Curve? Prove It

•   Bloomberg(Hal Brands): Ukrainian Peace Deal? Not While Each Side Thinks It’s Winning

•   Bloomberg(Matthew Yglesias): iden Should Tax the Rich to Shrink the Deficit

•   Bloomberg(Toby Harshaw): Ukraine War: How to Make Sanctions Bite Russia Even Harder

•   Bloomberg(John Micklethwait, Adrian Wooldridge): Putin and Xi Exposed the Great Illusion of Capitalism

•   Bloomberg(Max Hastings): With Nuclear Threat, Putin Makes the Unthinkable a Possibility

•   MarketWatch(Mark Hulbert): Stock market sentiment is bad, but not bad enough to trigger a major 'buy' signal

•   Fox News(Rebecca Grant): Biden's 'regime change' speech worsens Russia-Ukraine crisis, disappoints allies

•   Fox News(Rebecca Grant): Biden's wasted opportunity on Ukraine at NATO meeting shows he's way over his head

•   Fox News(Mike Garcia): Time is running out to deter China

•   Fox News(Dan Sullivan , Mike Gallagher): Ukraine war offers vital lessons on deterring China from invading Taiwan

•   Reuters(Mike Dolan): Europe's financial toll in winning an economic war