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G7 foreign ministers wrap up their two-day meeting in Italy today where they have sought a common strategy to convince Russia to drop its support for Syrian President Bashar Al-Assad.

British foreign secretary Boris Johnson said Russia had a “choice” to maintain its support for the Assad regime or work with the rest of the world to find a political solution.

Theresa May and Donald Trump agreed in a phone call on Monday that there was a “window of opportunity… in which to persuade Russia that its alliance with Assad is no longer in its strategic interest”, according to a British summary of the conversation.

Markets in Asia were broadly weaker on Tuesday with Japan’s Topix index down 0.5 per cent and Hong Kong’s Hang Seng index slipping 0.8 per cent. The Shanghai Composite and Shenzhen composite slid 0.4 per cent and 0.6 per cent respectively. Australia’s S&P/ASX 200 bucked the trend and was up 0.4 per cent.

Futures tip the FTSE 100 to open down 0.2 per cent, while the S&P 500 is tipped to open 0.1 per cent lower in New York.

The economic calendar for Tuesday is as follows (all London times):

  • 08.30: Sweden consumer inflation
  • 09.30: UK producer, retail and consumer inflation
  • 09.30: UK house price index
  • 10.00: eurozone industrial production
  • 10.00: Germany Zew business sentiment and expectations surveys
  • 16.00: Bank of Italy’s Ignazio Visco speaks in Brussels

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