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Good morning from the Financial Times. Today is Tuesday, April 12th.

And this is your FT News Briefing.

Investors are bracing for another high U.S. inflation report,

and the war in Ukraine could worsen one of Russia's biggest

long-term economic challenges. Plus, there's a new kind of activist shareholder in town.

A lot of conservative activists feel they lost the universities, they lost Hollywood,

and now they're losing corporate America. The FT's Andrew Edgecliffe Johnson talks about the new

conservative shareholder movement. I'm Mark Filipino, and here's the news you need to start your day.

Okay, so you might have noticed that the markets are a jumble of jitters right now.

There's debate over whether they'll be a recession. There are COVID lockdowns in China,

which could impact all kinds of global trade. And of course, there is inflation. Today,

we'll get the latest report on U.S. inflation, and it's expected to be another doozy.

Estimates have consumer prices for March, increasing more than 8%. Here's the FT's Colby Smith with more.

I think in a lot of ways, this is priced in to a certain extent because expectations have built up

over the course of the month for this March CPI report to be pretty terrible, given developments

with Russia's war in Ukraine and the following surge in energy and food prices. So in a lot of ways,

I think people are looking at this report as a snapshot in the immediate aftermath of these

geopolitical tensions. And in a lot of ways, I think they're expectations that perhaps this

represents close to, if not, the peak in inflation. But nonetheless, when you see consumer price growth,

you know, well above 8% annually, it definitely is noteworthy for market participants.

So Colby, do you think that investors are more concerned about inflation or a recession,

...