Meanwhile, Joe Biden has denied he was calling for regime change in Russia after saying that Putin “cannot remain in power” after invading Ukraine. 

There was an international backlash against the US president’s comments and warnings that they could give Russia a pretext to escalate the conflict. 

In the States, one of the market’s most closely watched harbingers of a US recession has flashed red for the first time in 16 years in a further blow for Mr Biden as his struggling presidency faces a stalling economy. 

Signs that central banks will need to act aggressively to clamp down on inflation deepened the global bond rout this morning, sending yields on short-dated government debt soaring. 

Nile Gardiner asks will Europe finally wake up to the truth about Mr Biden now?

Shock worse than 1970s

The US’s economic worries are a reminder of the global forces at play as a result of the war in Ukraine. 

Andrew Bailey has warned the hit to living standards from surging energy prices in the wake of Russia’s invasion will be worse than in any year in the 1970s. 

Speaking at an event in Brussels, the Bank of England Governor said: “This really is an historic shock to real incomes.” 

Putin’s warmongering and resulting sanctions have sparked a huge surge in oil and gas prices, piling further pressure on households at a time when inflation is at a 30-year high. 

In the volatile markets, read how to find a stock market bargain in Britain, America and further afield. 

If you want to protect your pennies, a savings account paying 50pc more than its rivals has launched – but there’s a catch.

What cyber apocalypse?

When Putin launched his invasion into Ukraine, many expected a blitzkrieg leading to the rapid collapse of his neighbour under the well-trained Russian army. 

Instead, the invaders found their progress thwarted by a civilian population determined not to fall. 

Similarly to the shock of Putin’s military failures, the relative absence of Russia’s much-talked-about cyberwarfare capabilities has also come as a surprise. 

Read why Moscow’s cyber apocalypse has failed to materialise. 

With Russians and Ukrainians increasingly cut off from impartial news, the West has turned to a century-old radio communication. 

Read how the BBC has turned to vintage tech to tune out Putin’s propaganda.

Comment and analysis

Around the world: Superbugs ‘breeding in rivers’

At first, they look like blisters, gathered in clusters at the base of her fingers. But as Gangadevi Sattamma rolls up her sleeves, the extent of the infection, winding its way up her forearms, becomes apparent. “Most of the people get infected, this skin infection,” the 40-year-old paddy worker says. She gestures to a line of women, barefoot and ankle-deep in muddy water, transplanting rice seedlings into the flooded field behind her. But whilst the water which the women are standing in, channelled in from the nearby River Musi, India, is essential for irrigating the paddy fields, it may also be the source of their health problems. Catherine Davison reveals how the next big outbreak be lurking in the water.

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