Equity futures slid Monday while sovereign bonds and crude oil surged amid heightened uncertainty after Western nations unveiled harsher sanctions on Russia for the invasion of Ukraine. European contracts fell some 3.5%, Nasdaq 100 futures shed about 2.5% and those for the S&P 500 lost more than 2%. Oil and palladium jumped, with Brent again soaring above $100 a barrel on fears of commodity supply disruptions. Rallies in a dollar gauge, gold and Treasuries underlined the demand for havens. The euro fell on worries about risks for Europe’s economy, which relies on Russian energy. An Asia-Pacific equity index dipped as Hong Kong struggled. Doubts are now growing about the Bank of Russia’s ability to backstop Russia’s financial system and the ruble, which sank nearly 30% in offshore trading. Russia temporarily banned non-residents from selling securities. There’s speculation that monetary authorities may have to supply markets with dollars to fill holes in global banking created by the SWIFT step.
The escalating Ukraine conflict and more severe Western sanctions are roiling markets. The hostilities threaten to stoke inflation by imperiling flows of key resources such as wheat, natural gas, oil and metals, exacerbating the pandemic-era price pressures that were already weighing on world growth. In Russia, citizens were lining up at cash machines around the country to withdraw foreign currency, fearful of a ruble collapse. Russian bonds were cut to below investment grade by S&P Global Ratings on Friday.
Nikkei +0.09% Hang Seng -0.85% CSI -0.15% Shanghai +0.01% Shenzen +0.01%
Eur$ 1.1160 CNH 6.3129 CNY 6.3112 JPY 115.51 GBP 1.3366 CHF 0.9258 RUB 107.50 TRY 14.0950 WTI$ 96.59 +5.46% Gold 1,909.40 BTC 37,915 +1.25% ETH 2615 +0.42%
S&P -2.20% Nasdaq -2.26% EuroStoxx -3.30% FTSE -1.52% Dax -3.02% SMI -2.035%
Macro :
- European Union to Ban Russian Flights in Effort to Slow Putin
- EU Will Shut Airspace to Russian Planes: Ukraine Update
- Germany to Boost Military Spending in Latest Historic Shift
- West Cuts Some Russian Banks from Swift, Sanctions Central Bank
- CBR Raises Key Rate to 20.00%
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- EQNR NO : Equinor to Start Exiting From Joint Ventures in Russia
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