Global signal: Geopolitical developments remain main focus

Russian banks have been ousted from the interbank SWIFT messaging system amid the ongoing war between Russia and Ukraine. This may slow down payments. The bigger impact could be on western resolution that they are going to restrict Russia’s ability to destroy international reserves, which amount to a lot.

The one channel through all of this impacts countries like India is commodity prices. Oil is shooting higher which is not great news. Aluminium, nickel, agriculture items like wheat, corn, etc. continue to see supply shocks.

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