Crypto News: 5 things to start your day

Good morning. EU's plan to arm Ukraine, Tesla's future path and another trouble is brewing that stemmed from the crypto world. Here's what people are talking about.

The European Union is set to propose a three-track plan to provide Ukraine with much-needed ammunition in response to some member states' calls to ramp up the continent's production capacity, but the amount of funding remains unclear. The proposal calls for the immediate transfers of ammunition, particularly 155mm artillery rounds from existing stocks or pending orders, as well as using a joint procurement framework to aggregate orders to European industry, according to a document obtained by Bloomberg. The paper also envisions ramping up Europe's industrial capacity to meet the current and future demand.

Elon Musk's much-hyped third Master Plan for Tesla Inc. fell flat with investors after failing to offer any firm detail on the company's long-awaited next generation of electric cars. The four-hour presentation was long on Musk's vision to build the next phase of Tesla's growth around a sustainable energy future by moving into products like heat pumps, but short on any detail of new vehicles — especially a cheaper EV like the $25,000 model flagged more than two years ago.

Bankers in China are being told to rectify their mindsets, clean up their "hedonistic" lifestyles and stop copying Western ways. The directives, part of a 3,500-word commentary last week from the country's top anti-graft watchdog, is just the latest sign that President Xi Jinping's campaign to tighten the Communist Party's grip on the financial system has a long way to go. As the National People's Congress kicks off this weekend, Xi is poised to further entrench control by reviving a powerful committee to coordinate economic and financial policy and installing close allies to oversee it all.

For months, US authorities have been racing to sever ties between banks and risky crypto ventures, worried the financial system could someday suffer serious losses. In the starkest warning yet by a US bank catering to the sector, Silvergate Capital said Wednesday it needs more time to assess the extent of damage to its finances stemming from last year's crypto rout — including whether it can remain viable. The firm, which already reported a $1 billion loss for the fourth quarter, said that figure could climb higher. The shares plunged as much as 33% after the close of regular trading.

European stocks are poised for a steady open as traders weigh hawkish Fed remarks and weakening prospects for Chinese stimulus. SEC Chair Gary Gensler and NYSE COO Michael Blaugrund speak at Bloomberg Intelligence's Market Structure event in New York. The ECB publishes its account of its February policy meeting, while BOE chief economist Huw Pill delivers remarks on the economic outlook. Expected data include CPI in the Netherlands and Italy, as well as unemployment in Denmark, Italy and Spain. AB InBev, Schroders and LSE also are among companies slated for earnings.

This is what's caught our eye over the past 24 hours.

Boris Johnson's comeback dreams shattered by Sunak's Brexit win.
UniCredit raises CEO Orcel's target pay by 30% after strong year.
SoftBank's arm rules out UK listing for now, plans US IPO.
Gazprombank Swiss chief charged over cash ties to Putin cellist.
Hedge funds balk at major ESG intervention planned in Europe.
Trader doubles money on big 6% Fed rate bet as unwind begins.
Bridgewater exits Ray Dalio era with hedge fund overhaul.

Real estate, classically, is a great place to shelter from inflation. As general price levels rise, and people's nominal wages increase, they tend to spend a fairly consistent (perhaps even rising) share on housing. The problem, at the moment, is that mortgage rates are increasing as central banks fight to bring about a soft landing. That's meant that the Stoxx 600 real estate subindex has fallen when measured as a ratio to the wider index -- in other words, real estate underperformed. For long-term investors though, who aren't looking for excessive amounts of leverage, this might well start looking like an attractive entry point.