- The Federal reserve's case for using aggressive interest-rate hikes to combat inflation was bolstered by a strong US jobs report. US equities advanced and Treasury yields surged in the last minutes of trade on Friday.
- After early oscillations, the S&P 500 finished higher, while the US yield curve continued to flatten as investors weighed the economic prospects in the face of tighter monetary policy and Russia's war in Ukraine. The dollar rose as US payrolls fell short of expectations and the unemployment rate decreased to 3.6% in March. Meanwhile, an ISM Manufacturing report revealed that prices paid were greater than predicted.
- Oil prices are falling. On Friday, prices softened as the UK is expected to join the US in releasing more oil from its stockpiles in a bid to cut prices and lessen dependency on Russian supply. Gazprom in Russia has begun informing customers about how to pay for gas in rubles. Meanwhile, leaders of the European Union have told China that they want the country to assist in persuading Russia to cease the conflict.
- As discussions between Ukraine and Russia resumed, Russian equities rose for the third day in a row, the longest winning streak since trading resumed on March 24. Sergei Lavrov, Russia's foreign minister, said Moscow is formulating a response to Ukraine's cease-fire offers.
