- US equity futures rose while Asian stocks were mixed, as investors assessed the western sanctions imposed on Russia in order to assess geopolitical risks from the Ukraine standoff.
- Shares rose modestly in China and fluctuated in Hong Kong, while Japan was closed for a holiday. The S&P 500 entered a correction on Tuesday, after falling 10% from its peak in January. As haven demand waned, the dollar index and gold held steady.
- Biden declared that Russia had begun to invade Ukraine and announced new sanctions against Russia's sale of sovereign debt abroad and the country's elites. Those efforts, as well as European moves, fell short of the potentially devastating measures that had been threatened. If Russia "continues its aggression," Biden said, sanctions could be increased.
- During the Wall Street session, treasuries fell mostly and the yield curve flattened, as commodities rallied, emphasising the economic risks posed by inflation. Due to the Japan holiday, there is no cash trading of treasuries. The three-year bond yield in Australia has reached a near three-year high.
- Fears that the Ukraine crisis will disrupt commodity supplies have boosted prices for everything from energy to wheat and nickel. Crude oil prices remained stable as traders assessed the potential return of Iranian barrels if the country reached a nuclear deal with world powers.
