A week of war

The war in Ukraine has entered its second week, leaving the country reeling from an unprovoked attack by Russia. Despite a United Nations vote to end the fighting immediately, Russian forces continued to bombard Kyiv and other cities, including the key port of Odesa. Russian President Vladimir Putin reiterated to France’s Emmanuel Macron that he will not stop the attack until the current Ukrainian government is ousted. Ukrainian President Volodymyr Zelenskiy appealed again to Putin to stop the war and negotiate, while the U.S. issued more sanctions against Russia’s elites, isolating the country further from the global economic stage. In a week where nothing has felt certain, one thing has become clear: A major humanitarian tragedy is unfolding in Europe. Nearly a million people have fled Ukraine, with millions more to follow. Follow the latest developments on the war. —Margaret Sutherlin

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Stocks ended lower while the rally in oil eased, extending an extraordinary run of volatility for crude since Russia’s invasion unleashed a new wave of uncertainty. The rush into Treasuries has added pressure on U.S. regulators to detail a reform plan. Here’s your markets wrap.

France impounded yachts. Monaco, long a haven for Russian money, announced that it is freezing Russian assets. Switzerland abandoned its historic neutrality to do the same. The Biden administration expanded sanctions against Russia elites. The world effectively weaponized finance in the wake of Russia’s invasion in Ukraine, and now there’s a cold, hard stop coming for the oligarch era.

In his second day of testimony on Capitol Hill, Federal Reserve Chair Jerome Powell cautioned that the Ukraine war could accelerate China’s moves to develop alternatives to the current dollar-dominated international payments infrastructure. Oh, and the central bank is still planning to raise interest rates.

Singapore’s weekly Covid infection growth rate fell for the first time since early January. Malaysia and Indonesia are adding fewer cases each day after a February spike, an early sign that the omicron wave may have peaked. Hong Kong, meanwhile, is still facing a surge from the new variant. For the first time in two years, Australia opened its borders to vaccinated travelers. Here’s the latest on the pandemic.

China’s annual parliamentary meeting starts Saturday in Beijing, bringing President Xi Jinping one step close to a precedent-defying third term in power. A property slump, a war in Europe and a Covid surge in Hong Kong leave lawmakers plenty to deal with. Here’s what to expect.

After two long years, piazzas and shopping boutiques across Europe are again welcoming tourists, with one big difference: Chinese travelers — some of the biggest spenders before the pandemic — are nowhere to be seen. It’s the same in Southeast Asia, where tourism-dependent economies are throwing open their doors, but the white-sand beaches of the Philippines and night markets of northern Thailand are all but deserted. China’s Covid-zero stance has left a $280 billion black hole in global tourism.

Donations to the Ukrainian government and charitable organizations in cryptocurrencies are skyrocketing. But things are not as straightforward as they seem.

A sobering realization is setting in for American policymakers: Ties between Russia and China, long discounted—or even dismissed—as a “marriage of convenience,” are going to reshape global politics.

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Special Daily Brief—Russia’s Invasion of Ukraine: Get the latest news on the war and its implications for global security and the economy.

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