U.S. equities tumble ahead of today’s inflation report with CPI forecast to hit its highest level in 41 years. All non-essential U.S. consular staff are ordered to leave Shanghai whose 25 million residents are locked down, battling the country’s worst Covid outbreak since the start of the pandemic. We speak exclusively to Mercedes Benz chairman, Ola Källenius, who says that the recent conflict-related spike in energy prices is a “wake-up call” for Europe. This, as OPEC nations warn the EU that Russian crude volumes would be almost impossible to substitute with further sanctions risking what could lead to one of the most damaging supply shocks ever.

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