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Good morning from the Financial Times.

Today is Wednesday, June 22nd, and this is your FT News Briefing.

Wall Street had a rare good day yesterday, but was it a fluke?

Let the wania is enforcing sanctions against Moscow, now Russia is pushing back.

Plus, the global food supply shortage has re-ignited a classic debate.

Should produce be used to feed people, or should it be used as biofuel?

It's not such a clear-cut case of turn-off biofuels end up with more bread.

A Mark Philippineau, and here's the news you need to start your day.

The S&P 500 climbed almost two and a half percent on Tuesday.

It was its best performance since late May, but stocks are still in bear market territory.

The FT's Kate Dugud explains what might have been behind yesterday's rally.

So one thing that we always kind of see is bargain hunters who come out and try to buy stocks

at lows, hoping that they'll be a bit of a bounce.

There was also a phenomenon happening last week where hedge funds were short-selling a ton,

and so there was a counter-move on Monday where funds were maybe covering those short

positions, artificially driving stocks up a little higher.

There's also this idea that markets are maybe thinking that the Fed may be closer to the end

of its hiking cycle. Nothing has fundamentally changed. Our outlook is the same,

the economic data is the same, but it may be the case that markets are coming to terms with

the possibility of a recession, and so there's like a little bit of temporary relief

...