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Ukraine

Ukraine has stated that it will not announce the date and time of new talks with Russia in advance.

The good news is that both sides are willing to go to a third round of talks, as stated by the Ukrainian presidential adviser. However, it does not appear that there will be any major breakthroughs, and this appears to be purely for show given that the situation on the ground has not changed in any way. When it comes down to it, actions speak louder than words.

Europe

• The fallout from Russia’s attack on a Ukrainian power plant continues to reverberate.
• Risk remains defensive in European morning trade The Russian attack on the Zaporizhzhia nuclear power station is being blamed for today’s risk jitters, with Russian troops reportedly occupying the territory. But let’s take a step back and try to understand the situation a little better.
• A fire broke out at the power plant in question amid Russian shelling, but it has since been contained, and while Ukraine has warned of a disaster “ten times larger” than Chernobyl, it appears unlikely.
• There is no doubt that there are risks when nuclear power plants are caught in the crossfire of a warzone, but we will not know unless there is a significant escalation in military action to truly target the reactors. Furthermore, with Russian troops now stationed in that territory, expect the fears to dissipate. The real concern is that Russia will instigate such a calamitous chain of events, potentially leading to a major escalation in the war and with the West.

Eurozone

Eurozone January retail sales +0.2 percent vs +1.3 percent m/m expected.

Latest Eurostat data states Prior -3.0 percent, Retail sales +7.8 percent vs +9.1 percent y/y expected.

A weaker-than-expected increase in eurozone retail sales, with the report indicating that the drag is due to lower fuel sales and lower spending on food and online. Higher inflation costs are also seeping into the economy, dampening consumer activity and purchasing power.