The Daily Chase: Crypto faces Lehman-like moment; G7 gets tougher on Russia

​It’s a broadly positive mood in equity markets this morning after stocks surged into the weekend. It also feels like shoulder season for investors ahead of a long weekend in Canada and the United States.

Couple sidebars: On inflation: the weekly Bloomberg Nanos Canadian Confidence Index fell from 50.0 to 48.3 last week, which is the lowest since July 2020. The BIS dedicates several pages in its annual report to crypto, saying “it is essential to fill data gaps and identify entry points for regulation.” And, on that note, be sure to check out Bloomberg’s deep dive on the turmoil that has left some observers wondering if the burgeoning asset class is facing a Lehman-like moment. 

G7 PLANNING MORE RUSSIA SANCTIONS

First it was oil, now it’s Russian gold that’s being ostracized. A statement from Boris Johnson’s U.K. government indicates that nation will be joined by Canada, Japan, and the United States in banning gold imports from Russia. While Johnson’s office highlighted that gold exports contributed almost $20 billion to Russia’s economy last year, our Bloomberg News partners are pointing out the import bans are largely symbolic because several key organizations previously blocked imports. The cumulative impact of sanctions was made clear this weekend as Russia defaulted on US$100 million in debt interest payments. And how’s this for salt in the wound of Canada’s export-challenged energy industry: “France Wants Iranian, Venezuelan Oil Back on Market,” reads a headline on the Bloomberg terminal.