Oleksiy Arestovych, an adviser to President Volodymyr Zelenskyy, said on Wednesday, Russia was transferring forces from northern Ukraine to eastern areas, as it tries to encircle Ukrainian troops there.

Key takeaways

“Russia would keep some troops near Kyiv to try to prevent Ukrainian forces reinforcing the eastern front.”

"Although the Russians are withdrawing some troops from (around) Kyiv, they will still leave certain forces here (near Kyiv) to keep our troops here.”

Market reaction

Risk sentiment has turned sour on soaring inflation globally, which has re-ignited concerns over a potential recession.

The S&P 500 futures are down 0.30% alongside the negative European indices.