The Russian-Ukrainian crisis continues to ferment, and the world economy faces collapse

​​

The French meteorological agency reported that on the night of the 3rd and 4th local time, France set a record for the lowest temperature in April since 1947. Among them, Grand Mourmelon in the Marne province was minus 9.3 degrees Celsius, Chateauroux in the Indre province was minus 5.6 degrees Celsius, and Vannes in the Morbihan department was minus 3.2 degrees Celsius, all breaking the low temperature records for April in the past 75 years. According to the "Le Figaro" report, the night from 3 to 4 was the coldest night in April in France in the past 75 years. The frost affected almost the whole country, except for Paris, the Mediterranean coast and the La Manche Strait. French weather forecaster Patrick Galois said in an interview with AFP, "The frost has affected more than 90% of the country, and the degree of frost varies in different regions." The agricultural producing areas of southwest France were especially hit by the frost. , causing damage to fruit tree shoots, and the entire agricultural sector fears at least two tough frost nights ahead in France.

​​

A new study shows that new crown infections in the UK reached their highest level since the beginning of the epidemic in March, affected by the Omicron subtype strain BA.2 and weakened immunity in the elderly. The React-1 study, led by Imperial College London, found that the overall COVID-19 infection rate more than doubled in March compared to February, which was down from the January high caused by the Omicron strain. Paul Elliott, chair of epidemiology and public health medicine at the school and director of the React programme, said higher infection rates could lead to higher hospitalisations despite higher vaccination levels in the UK population. Covid-19 infection rates are rising among people over 55, the study said, as their immunity declines because of increased travel and they get booster shots earlier than other age groups.

​​

​​

Members of the International Energy Agency (IEA) are still debating how much oil reserves will be released together to cool the market, adding that an announcement is expected in the coming days. The world's top oil consumers have been tight-lipped on how much oil reserves will be released, adding to the market confusion. The market was already affected by sanctions against Russia and buyers shunning Russian oil after Russia invaded Ukraine. Oil prices have fallen nearly $6 since news of the U.S. plan to release oil reserves, with Brent trading around $109 a barrel on Tuesday. Adding to the uncertainty, the release of oil from IEA members will be seen as part of the 180 million barrels already announced by the United States.

​​

Ukraine's president asks international community to hold Russia accountable for 'war crimes'

​​

Ukrainian President Volodymyr Zelensky told the UN Security Council that Russia must be held accountable for allegations of war atrocities. Meanwhile, the West is preparing to expand sanctions, including a ban on all new investments in Russia. The United States and its allies will move Wednesday to further isolate the Russian economy, tighten restrictions on Russian financial institutions and state-owned companies and target government officials and their families. The Russian-Ukrainian war is now entering its sixth week. The European Commission's proposal to expand sanctions against Russia, including a ban on coal imports from Russia, is the West's response to the discovery of the bodies of civilians shot at close range in the northern Ukrainian town of Bucha recaptured from Russian troops.

​​

​​

The U.S. central bank is due to release minutes from its March meeting on Wednesday, which is expected to provide updated details on the pace and scope of plans to reduce its bond holdings. Brainard gave a little preview. Fed Governor Brainard said: "Given that the economic recovery is much stronger and faster than it was in the last cycle, I expect the balance sheet to shrink much faster than it did in the last recovery, and the balance sheet will shrink much faster than it did in 2017-19. The cap is much larger, and the time to gradually reach the cap will be much shorter. Russia's invasion of Ukraine poses upside risks to inflation, noting that Asia's virus containment measures could exacerbate supply chain bottlenecks that have been weighing upwards on prices. While geopolitical events may pose risks to growth, the U.S. economy has considerable momentum and the labor market is strong.

​​

​​

The prospect of further Western sanctions on Russia limited gold’s losses. The United States and Europe are planning to introduce new sanctions to punish Russian forces for killing civilians in Ukraine. The United States and Europe are planning to introduce new sanctions to punish Russian forces for killing civilians in Ukraine. Ukrainian President Volodymyr Zelensky warned that more such incidents could be found on land recaptured from Russian invaders, making negotiations with Russia more difficult. Ukrainians have found bound bodies shot in the vicinity, a mass grave and other signs of executions on territory retaken from Russian troops. The Kremlin has denied any allegations related to the killing of Butcha civilians.

​​

​​

Aussie hits nine-month high as RBA no longer 'be patient', opens door to first rate hike in more than a decade; abandons previous pledge to 'be patient' on policy point. The Reserve Bank of Australia held the overnight call rate unchanged at a record low 0.1% at the end of its April policy meeting, but noted that inflation had picked up and could rise further, while the unemployment rate had fallen faster than expected to 4.0% . In the coming months, the committee will receive important additional evidence on the evolution of inflation and labor costs. In formulating policy, the committee will evaluate this and other information that will become available.