Chinese manufacturing activity shrinks for a second consecutive month as strict zero-Covid restrictions and dropping global demand weigh. Opec+ nations reportedly prepare to make deeper supply cuts, pushing prices higher as the EU’s ban on the majority of Russian crude imports is due to be enforced. U.S. equities dip for the third straight day ahead of a key speech from Federal Reserve Chairman Jerome Powell. And in banking news, HSBC is to sell off its Canadian unit to the Royal Bank of Canada for $10bn as it pivots towards the Chinese market.

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