Stocks rose Wednesday and crude oil held a drop as traders weighed the prospect of diminishing tension over Ukraine and the risk of further twists after Russia said it was withdrawing some forces. Shares were up in Japan, Hong Kong and China, where slowing inflation is boosting the central bank’s scope to ease policy to prop up growth. U.S. contracts fell after tech stocks helped the S&P 500 snap three days of losses. Russia announced a partial pullback of thousands of troops massed near the Ukrainian border and appeared to favor a diplomatic solution to the crisis there. President Joe Biden said the U.S. has yet to verify Moscow’s claims and an invasion remains possible, which the Kremlin has repeatedly denied. Oil was around $92 a barrel as traders reassessed worries about potential disruptions to commodity supplies. Havens like longer-maturity Treasuries and gold that sold off in the past 24 hours largely maintained those losses. At the same time, other parts of global markets are flashing ongoing nervousness. Volatility gauges for both the S&P 500 and the Treasury market are sitting significantly above 12-month averages, a sign that traders remain on edge about risks such as the Ukraine standoff. The latest data from China showed elevated but easing factory-gate inflation, raising tentative hopes that the manufacturing powerhouse could help to curb global price pressures if the trend continues. For now, investors are continuing to fret about escalating costs and the likelihood of tightening monetary policy in places like the U.S. and Europe. Biden said Russian troops remain in a “threatening position.” He agreed with a Kremlin declaration Monday that diplomacy is still possible but vowed he would not “sacrifice basic principles” that countries -- including Ukraine -- should have the right to keep their own borders.
Traders are awaiting the latest Federal Reserve minutes later Wednesday. They may shape views on how fast the Fed will raise interest rates and shrink its bond holdings in coming months.
Nikkei +2,22% Hang Seng +1,07% CSI +0,30% Shanghai +0,44% Shenzen +0,40%
S&P -0,15% Nasdaq -0,21% EuroStoxx +0,47% FTSE +0,27% Dax +0,47% SMI +1,37%
Macro :
- Europe May Not Approve Merck’s Covid-19 Antiviral Pill: FT
- China Jan. Consumer Prices +0.9% Y/y; Est. +1%
Keep an eye on :
- ADJ GY : Adler Group Elects Stefan Kirsten as Chairman of Board
- AIR FP : Boeing’s 787 Dreamliner Jets Ordered Inspected by FAA Regulators
- AIR FP : Airbus Workers Authorize Strike Over Pay at U.K. Wing Plants
- AI FP : Air Liquide May See Operating Margin Pressure in 4Q: Preview
- AAD GY : Amadeus Fire Prelim FY Revenue EU372.4M
- ALC SW : Alcon 4Q Core EPS Beats Estimates
- BB FP : BIC FY Net Sales Beats Estimates
- BMPS IM : Paschi Says No Initiative by Bank on EU3.5b Capital Increase
- BMPS IM : Italy Sees Paschi Capital Gap About $4 Billion Amid Revamp (1)
- ALCAR FP : Carmat Confirms 2022 Prospects, Implants to Resume Oct.
- COFA FP : Coface FY Net Income Misses Estimates
- DTE GY : T-Mobile Converts Airwave Advantage to Top Status in 5G Ranking
- DUFN SW : Dufry Extends Concession at Helsinki Airport for 5 More Years
- ENI IM : Eni Reports Small Hydrocarbons Release from North Wales Pipeline
- FDJ FP : FDJ Raises 2025 Targets Set at IPO
- G IM : Delfin, Fondazione CRT Confirm Shareholders Pact on Generali
- HEIA NA : Heineken FY Org. Beer Volume +4.6%, Est. +4.5%
- HEX NO : Hexagon Purus Offering of 24.7m Shares Prices at NOK24.25/Share
- LGEN LN : Legal & General to Invest $3.4B in U.K. Build-to-Rent Market
- LIO LN : Liontrust Faces Investor Opposition Over Pay Awards: Sky
- MMT FP : M6 FY Ebita Beats Estimates
- MBTN SW : Meyer Burger CFO Nathalie Benedikt Leaves for Private Reasons
- MOWI NO : Mowi 4Q Dividend per Share NOK1.40
- NEOEN FP : Neoen Boosts FY Ebitda Margin Forecast
- NEOEN FP : Neoen Boosts FY Ebitda Margin Forecast
- NEX FP : Nexans Targets 2022 Ebitda of EU500M-EU540M
- NOEJ GY : Norma FY Prelim Adj Ebit EU113.8M vs EU45.3M
- ONTEX BB : Ontex Shares Rise After Betaville ‘Uncooked Alert’
- SCHP SW : Schindler 4Q Revenue Meets Estimates
- VCT FP : Vicat FY Ebitda Beats Estimates
- VTSC GY : Vitesco Prelim FY Revenue About EU8.35B, Est. EU8.43B
- VPK NA : Vopak FY Rev. EU1.23B, Est. EU1.24B
- XIOR BB : Xior FY Net Rental Income EU79.6M Vs. EU57.9M Y/y