U.S. consumer inflation hits a four-decade high but President Biden says prices have peaked. U.S. futures are down ahead of an earnings season where S&P 500 companies are expected to deliver Q4 growth upwards of 20 per cent. U.K. Prime Minister Boris Johnson faces a chorus of calls to resign after admitting he did attend a Downing Street drinks party in May 2020 while the country was subject to strict lockdown measures. And NATO and Russia remain locked in a standoff over Ukraine, as both sides refuse to give ground on key demands despite hours of talks in Brussels.

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