Stock Meltdown Spreads, US-Ukraine Meeting & Oil Tanker Fire

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) What had been a steady pullback from the US stock market accelerated sharply Monday as investors retreated from virtually every type of risk and economic fear raced across Wall Street. (2) Citigroup downgraded its view on US equities while upgrading China to overweight, another sign of the growing divergence in the outlook toward the world’s top two markets. (3) Talks between the US and Ukraine in Saudi Arabia on Tuesday are intended to help clarify what concessions might be possible in the push toward a ceasefire with Russia, Secretary of State Marco Rubio said, playing down the possibility of a major breakthrough. (4) A cargo ship crashed into an oil tanker off the UK’s east coast, causing fires, a jet-fuel spill, and leaving one person missing in one of the most significant maritime disasters near the country in many years. (5) Keir Starmer has reportedly backed up the Chancellor's plans to reform Britain's benefits system and cut costs. According to the BBC, the Prime Minister told a private meeting of his MPs that the UK's welfare system was 'indefensible' and 'unfair'. (6) Key UK economic data will continue to be released at 7 a.m., a blow to traders and investors who wanted the statistics office to revert to the pre-pandemic norm of 9:30 a.m. See omnystudio.com/listener for privacy information.