The Day at a Glance | October 11 2022

*G-7 will discuss Russian attacks on civilians; China expresses concern over the situation in Ukraine after bombings.

*Europe´s energy crisis could reduce automobile production in the region in 40%: S&P Global Mobility.

*Lael Brainard, Vice-President of the FED, suggests caution with interest rate increases in order to understand their effects on the economy.

*The IMF will update its economic outlook today as it carries out its annual meetings.

*The Bank of England´s actions haven´t been able to stabilize the sovereign debt market; it announced the purchase of instruments indexed to inflation.

*Antonio Martínez Dagnino will be new head of the SAT.

Economic environment

War in Ukraine. Since yesterday, Russia has directed missile attacks on Ukrainian cities and infrastructure and have hit civilian targets, which has concerned the G-7. Russia justified the attacks as a response to the “terrorist act” carried out by Ukraine on the bridge that connects Russia with Crimea last week. This is also an attempt to stop Ukrainian military advances, which have successfully been able to advance on the war front. The bombings continued in cities like Zaporizhzhia and Lviv today, regions which have recently been annexed to Russia. G-7 members will have a meeting over the telephone to assess the situation as Russia´s military attacks is the most aggressive since the first days of its invasion. China has also expressed concern over the situation in Ukraine and has called for channels of dialogue to be used and resolve the conflict. Even though it´s feared that current circumstances may lead the conflict to escalate, Russia has said it´s ready to have conversations to end the war. Sergei Lavrov, Russian Minister of Foreign Affairs, affirmed that Moscow is ready to end the war – this could even occur through a meeting between Biden-Putin, although he believes this is highly unlikely. Vladimir Putin, for his part, pointed out that the United Arab Emirates could play a key role as a mediator in order to resolve the conflict after conversations were had with Mohamed Bin Zayed Al Nahyan.

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