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Photographer: Daniel Roland/AFP via Getty Images

Good morning. U.S. military assistance for Ukraine, the unsinkable Boris Johnson, China lockdowns dent luxury demand, and oil trader shuns Russia crude. Here’s what markets are watching. 

The Biden administration is preparing a military assistance package of roughly $750 million for Ukraine in its battle against Russian invaders, people familiar with the matter said Tuesday night. The weapons and other equipment are expected to be sent under presidential drawdown authority, which allows Joe Biden to transfer equipment from U.S. stocks without congressional approval in order to speed up delivery during an emergency. The move comes as Russian President Vladimir Putin vowed to continue pursuing the war and Biden accused him of committing genocide. Separately, China and Russia continue to develop and deploy weapons that can attack U.S. satellites.