The European Union and the United States agreed on Monday to cooperate more closely to counter disrupted supply of industrial commodities and food caused by Russia’s invasion of Ukraine and to combat disinformation from Moscow.Headlines:EU, U.S. AGREE TO COOPERATE ON SUPPLY CHAIN RUPTURES FROM RUSSIA’S INVASION OF UKRAINEEU, U.S. AGREE TO COMBAT RUSSIAN DISINFORMATION IN THIRD COUNTRIES EU, U.S. AGREE TO COOPERATE ON TRANSPARENCY AND MONITORING OF VALUE CHAINS TO EASE SEMICONDUCTOR SHORTAGESEU, U.S. AGREE TO INFORMATION-SHARING ON SUBSIDIES TO SEMICONDUCTOR SECTORS

Not for the first time, The Hungary are making it clear to the EU what their ‚Red-Lines‘ are for EU sanctions on Russian OilHUNGARY FOREIGN MINISTER SAYS BUT WE HAVE MADE IT CLEAR THERE WAS A RED LINE IN SANCTIONSSAYS IT HAS BEEN CLEAR TO EU WHAT HUNGARY’S STANCE ON OIL SANCTIONS IS FOR WEEKSSAYS RUSSIAN OIL SHIPMENTS VIA PIPELINES SHOULD BE EXEMPTED FROM PROPOSED SANCTIONSSAYS IF PIPELINE SIPMENTS ARE EXEMPTED HUNGARY CAN „LIVE WITH“ THIS CURRENT EU SANCTIONS PACKAGEHUNGARY FOREIGN MINISTER SAYS WE HAVE NOT RECEIVED ANY SERIOUS NEW PROPOSAL FROM THE EU ON SANCTIONS SINCE COMMISSION PRESIDENT’S RECENT VISIT TO BUDAPEST

Newsquawk’s US Market Open: Mixed trade amid conflicting China drivers & multiple geopolitical updatesFull NoteEuropean bourses are mixed, Euro Stoxx 50 -0.6%, following a similar APAC session with impetus from Shanghai’s reopening offset by activity data and geopoliticsStateside, futures are lower across the board, ES -0.4%, with the NQ marginally lagging as yields lift; Fed’s Williams due later before Powell on TuesdaySweden & Finland are moving forward with NATO bids, with Russia pushing back against this; no progress expected today on the EU’s 6th sanctions packageEUR lifted amid commentary from Villeroy on the currency, with the DXY outpacing peers but lower overall amid the Single Currencies weightEGBs slip on Villeroy, periphery hit further with the China data weighing while USTs are contained and the curve marginally flatterWTI and Brent are pressured and torn between the aforementioned China factors amid geopolitical risk/news; Wheat bolstered by India’s export banLooking ahead, highlights include NY Fed Manufacturing, Speeches from Fed’s Williams, BoE’s Bailey, Ramsden, Haskel & Saunders

The global fiscal recovery in 2021 that followed the Covid-19 shock of 2020 has slowed sharply, affected by higher commodity prices, rising inflation more generally, increased borrowing costs, slowing real GDP growth and the war in Ukraine, says Fitch Ratings.FITCH RATINGS SAYS GLOBAL FISCAL RECOVERY TO SLOW IN 2022 AND 2023

FITCH SAYS GLOBAL FISCAL RECOVERY IN 2021 THAT FOLLOWED COVID-19 SHOCK SLOWED SHARPLY, AFFECTED BY HIGHER COMMODITY PRICES, RISING INFLATION, AMONG OTHERS

FITCH SAYS GLOBAL FISCAL RECOVERY IN 2021 WILL BE AFFECTED BY INCREASED BORROWING COSTS, SLOWING REAL GDP GROWTH AND WAR IN UKRAINE

FITCH SAYS POLICY INTEREST RATES ARE RISING, AND FITCH BELIEVES THIS MARKS AN END TO ERA OF VERY LOW GOVERNMENT BORROWING COSTSFull Note

EC Cuts 2023 Euro Zone Economic Growth Forecast to 2.3% From 2.7% Seen in FebInflation, which the European Central Bank wants to keep at 2.0% will be 6.1% this year, the Commission forecast and fall only to 2.7% next year. Before the war, the Commission expected prices to grow 3.5% in 2022 and 1.7% in 2023.The forecast is the first comprehensive estimate of the economic cost of the war in Ukraine for the 19 countries sharing the euro and the wider 27 nation EUThe stagflation vibes continue