Equities capitulate to the brink.

Slide deck: https://bit.ly/3KkpZMR   - Today we look at a US equity market that capitulated to the lows of the year, with sentiment worsening late on an earnings miss from Google parent Alphabet after the close. Elsewhere, the euro dropped to new five-year lows versus the US dollar this morning as Russia threatens to cut off gas supplies if importers refuse to pay in rubles, with supplies into Poland and Bulgaria disrupted today. We look at Chinese stimulus hopes after Xi comments overnight, more earnings in focus today, key FX themes and more in today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. Intro and outro music by AShamaluevMusic