Opec is reportedly set to review its Russia oil deal while the UK will back this week’s EU sea-delivered crude embargo agreement. In the U.S., President Biden has held talks with Federal Reserve Chairman Jerome Powell to discuss surging inflation. Biden promised to back the central bank’s strategy and independence in tackling price pressures. Euro zone inflation soars to its highest level since the currency was launched, causing bond yields to plunge. The decline in Chinese factory activity has eased but remains in contraction territory after authorities finally lift restrictions in Shanghai. And in banking news, Deutsche Bank’s asset manager unit DWS is raided by police conducting a ‘greenwashing’ investigation.  

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