1) US concerns over China’s aid to Russia
Officials of the United States of America and China met on Monday in an intense 7-hour talks to discuss their bilateral relationship and Beijing’s stance in the Ukrainian war.
According to the report, the U.S. was deeply concerned that China may attempt to help Russia avoid global sanctions, including providing military equipment to the Kremlin in which China denied the statement. Later, Moscow’s spokesperson came out and said that Russia did not request military aid from China.
2) China reports better-than-expected retail sales growth
China reported better-than-expected growth in retail sales for the first two months of 2022, rising 6.7% YoY, largely topping analysts polled by Reuters of 3% growth. Petroleum products and gold, silver and jewelry saw the greatest increases.
3) Russia bans grain and sugar exports to ex-Soviet countries
Russia temporarily bans grain and most sugar exports to ex-Soviet countries. Russia is the world’s largest wheat exporter, having Egypt and Turkey among the main buyers.
The ban of wheat, rye, barley and maize exports will last until June 30, and the ban on white and raw sugar will last until August 31.
4) Oil prices fall amid peace talks and Covid outbreak in China
Oil prices edged lower on Tuesday as investors look forward to Russia and Ukraine peace talks, while parts of China entered lockdown again due to the new wave of Covid-19 outbreak.
In the morning session of Asian markets, Brent crude fell 4.44% to $102.15 per barrel. The West Texas Intermediate dropped 4.3% to $98.49 a barrel.
