Macro Briefing: 18 March 2022

* Biden and Chinese leader Xi Jinping set for talk today
* Chinese carrier sails through Taiwan Strait ahead of Biden-Xi call
* Russian missiles strike western Ukraine city, near Polish border
* Surging Covid-19 cases in Europe suggest new wave will soon strike US
* Russian oil exports to India have quadrupled this month
* Mega-drought in American West is expected to continue in the months ahead
* US jobless claims fell last week, signaling tight labor market
* Philly Fed manufacturing indicator indicates faster growth in March
* US housing construction rose in February to highest level since 2006: