Macro Briefing: 28 April 2022

* Ukraine war at risk of spilling across borders
* European leaders say Russian gas cutoff is economic ‘blackmail’
* Ukraine will cause ‘largest commodity shock’ since 1970s, World Bank warns
* Economists expect global growth to slow further via new Reuters poll
* Southern California imposes unprecedented water restrictions
* Yen at 20-year low vs. dollar as Bank of Japan stays committed to low rates
* Sweden’s central bank announces sudden policy U-turn and raises rates
* US pending home sales fell in March, marking five straight monthly declines: