Russia-Ukraine war enters second year, focus on China and US intensifies

The unfortunate geopolitical tension between Russia and Ukraine has completed one year. The geopolitical issue recently became more vital and weighed on the market sentiment with the participation of the US and China being aggressive, actually in the adverse directions.

That said, Germany’s Der Spiegel came out with the news suggesting, China is negotiating with Russia over supplying 100 Kamikaze combat drones by April.

On the other hand, US Senators pushed for limiting flights and carriers over Russian territory, per Reuters. “The chairman of the Senate Foreign Relations Committee and the committee’s top Republican urged the Biden administration to halt Chinese airlines and other non-American carriers from overflying Russia on US routes,” said the news.

Elsewhere, “Russia still deeply isolated at UN, one year into Ukraine war,” reported Reuters.

The news also said that the United Nations General Assembly overwhelmingly isolated Russia on Thursday, marking one year since Moscow invaded Ukraine by calling for a "comprehensive, just and lasting peace" and again demanding Russia withdraw its troops and stop fighting.

Market implications

The news underpins the US Dollar’s strength amid a risk-off mood, even as the yields allowed Wall Street to close with mild gains.

Also read: Forex Today: US data fueled market concerns ahead of PCE inflation figures