Oil is up after EU leaders agree to a Russian crude embargo. The deal features an exemption for pipeline deliveries after Hungarian-led opposition. President Joe Biden is to meet Federal Reserve Chairman Jerome Powell following his re-confirmation. China manufacturing activity declines for the third consecutive month but there are signs of easing as Covid restrictions are beginning to lift in Beijing and Shanghai. In banking news, Credit Suisse has slapped down suggestions it is looking to bolster its balance sheet following recent losses. Specialty chemicals giant DSM creates a merger of equals with Swiss fragrance and flavour company Firmenich.  

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