1. Russia defaults on foreign debt for first time in over 100 years
In what is the most significant outcome from global economic sanctions since Russia invaded Ukraine February of this year, the former has defaulted on its foreign debt for the first time in over a century. Not since 1918 has Russia been unable to pay back its sovereign debt, with that streak ending last Sunday, as the grace period on about $US100 million of interest payments due on 27 May 2022 expired.

“Russia has pushed back against the default designation, saying it has the funds to cover any bills and has been forced into non-payment. As it tried to twist its way out, it announced last week that it would switch to servicing its $40 billion of outstanding sovereign debt in rubles, criticizing a ‘force-majeure’ situation it said was artificially manufactured by the West,” Bloomberg reports.

2. Millennials to overtake Boomers in population
Australians aged 25-39 are neck and neck with their Baby Boomer parents in holding the largest share of the population, new census data confirms.

Millennials, born between 1981 and 1995, have increased from 20.4 per cent of the population in 2011 to 21.5 per cent last year. Boomers, people born between 1946 and 1965, have decreased from 25.4 per cent of the population to 21.5 per cent in the same period. (AFR)

3. G7 convenes to put price cap on Russian oil exports
G7 leaders have met in in the Bavarian Alps 80km outside Munich to discuss plans to impose a “price cap” on Russian oil as a means to hinder its financing of war in Ukraine. The intention is to prompt nations beyond the G7 to follow in its footsteps on putting a ceiling on prices it will pay for Russian oil.

“The idea has been strongly promoted by the US and recent comments by German officials suggest Berlin is also coming around to the idea,” the AFR reports.

Officials said that Italian Prime Minister Mario Draghi told his G7 counterparts that energy price caps were needed because “we must reduce the amount of money going to Russia and get rid of one of the main causes of inflation”.

4. 11 activists arrested from Blockade Australia protest
Climate change activists belonging to the Blockade Australia movement took to Sydney’s CBD on Monday to protest against “the political and economic systems of Australia which are driving climate destruction,” according to the group.

One of the activists arrested was a woman who locked herself to the steering wheel of her car and blocked the southbound entrance to the harbour tunnel. Another driver was also filmed ramming through protestors marching in the city streets.

Protesters face a maximum penalty of two years’ jail and $22,000 fines for disrupting traffic or preventing access on roads.

5. ASX to open slightly lower
ASX futures were down 9 points or 0.1% to 6584 near 5.21 am AEST, with the AUD -0.4% to 69.18 US cents.

On Wall St: Dow -0.2% S&P 500 -0.2% Nasdaq -0.7%.

In Europe: Stoxx 50 +0.2% FTSE +0.7% DAX +0.5% CAC-0.4 %.

2-year yield: US 3.1% Australia 2.76%. 10-year yield: US 3.2% Australia 3.77%.