- The Ukraine crisis and Western sanctions on Russia clouded the outlook for markets and the global economic recovery, with equities rising, crude oil rising, and US share futures falling.
- The technology sector, as well as China, where the central bank increased liquidity, helped an Asia-pacific share gauge gain the most in over a week.
- The S&P 500 gained 1.5% on Thursday, while the Nasdaq 100, which had temporarily entered a bear market, gained 3.4%. However, in an indication of persistent investor uncertainty, US futures have fallen.
- Biden increased sanctions against Russia, whose soldiers have advanced closer to Kyiv, the capital of Ukraine, in one of Europe's biggest security crises since World War II.
- Sanctions were imposed on five large Russian banks in order to restrict their access to foreign cash. However, the constraints did not prevent Russia from using the fast international payment network, and Russian crude shipments were spared.
- The price of oil has risen, bringing Brent back above $100 a barrel. Bonds in Australia and New Zealand dropped, while treasuries were neutral. The value of the dollar remained stable. After falling from a 17-month high, gold was trading about $1,910 per ounce.
- France’s Pres. Macron: Ukraine will receive 300 mln euros in aid from France, as well as military equipment.
- The Ukrainian city of Mariupol is under heavy fire with reports of hundreds of explosions. The city is one of the biggest Ukrainian ports on the Azov Sea.
- Biden: Sanctions against Putin are on the table.
- Fed's Barkin: If oil costs continue to rise, consumer spending will certainly suffer.
- The US is working on a strategy with the IEA on a combined release of additional crude oil from strategic reserves - Source. WTI weakened.
- ECB's Holzmann: The Ukraine conflict may postpone stimulus exit.
