Wednesday 23rd February 2022View our disclaimer and terms of use: nab.co/3shJyypView our NAB Financial Services Guide: nab.co/3rvJtI9The news over Ukraine overnight is confirmation from Putin that he supports separatists who want to take control over the wider Donbass region, which could see Russia invading further into Ukrainian territory. The market response so far has been fairly measured, but an escalation could see the West move beyond the current sanctions. One of those sanctions is shelving approval for the Nord stream 2 pipeline, which arguably hurts western Europe more than anyone. NAB’s Ray Attrill says the geopolitical uncertainty could dissuade the RBNZ from contemplating a half percent rate hike today. Australia’s wages data is out later today. Whatever the final number it will be well below the rises seen elsewhere, perhaps justifying the RBA’s more patient stance.

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