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EMERGING MARKETS: Russia/Ukraine Conflict Intensifies, RBNZ Cuts

EMERGING MARKETS
  • China: Chinese traders are paying a premium for government bonds to evade regulators seeking to tame an unprecedented rally, people familiar with the matter said. Traders from non-bank financial firms, including insurers, are specifying in their orders to brokers that they don’t want to buy from any of the big state banks since regulators have told the nation’s largest lenders to keep records of their counterparties, according to the people, who asked not to be named discussing a private matter. 
  • Russia/Ukraine: The governor of Russia's Belgorod oblast has declared a state of emergency as Ukraine's military advance into the neighbouring Kursk oblast continues. Gov. Vyacheslav Gladkov said the situation in Belgorod was "extremely difficult and tense". The region has come under attack from Ukrainian shelling as well as drones, with Russia claiming to have shot down 117 Ukrainian UAVs overnight in the Kursk, Voronezh, Belgorod and Nizhny Novgorod regions. 
  • New Zealand: The Reserve Bank of New Zealand monetary policy committee cut the official cash rate 25 basis points to 5.25% Wednesday and revised its inflation expectations lower, noting the balance of risks had shifted since May. The MPC was expected to discuss a cut this week, however, a move lower was uncertain.
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