US Stock Markets: Wall Street ended mixed yesterday, joining a selloff that began on European bourses as the latest wave of western sanctions targeting Russia added to worries about inflation.
The United States over the weekend announced punishing sanctions on Russia that touched on its central bank and the ability of some financial institutions to access the SWIFT financial messaging system. The impression coming off the weekend is that Russia, and all those that oppose Russia's invasion of Ukraine, are digging in for a longer and more damaging battle on the military, financial and economic fronts.
Economic Calendar
This week's calendar includes congressional appearances by Fed Chair Jerome Powell expected to focus on the central bank's efforts to counter inflation, as well as several key economic reports, including February jobs data. As trading began in New York, investors retreated from riskier assets while seeking out precious metals, Treasury bonds, and other safe-haven investments.
Dow Jones Industrial Average
The Dow Jones Industrial Average lost 0.49% yesterday. The best performers of the session on the Dow Jones Industrial Average were Chevron Corp, which unchanged 0% or 0 points to trade at 133.42 at the close. Meanwhile, Boeing Co unchanged 0% or 0 points to end at 209.03, and Salesforce.com Inc. was unchanged 0% or 0 points to 196.84 in late trade. The worst performers of the session were JPMorgan Chase & Co, which unchanged 0% or 0 points to trade at 152.14 at the close. Goldman Sachs Group Inc. unchanged 0% or 0 points to end at 346.04 and Nike Inc. was 0% or 0 points to 142.95.
Types of Forex Services
NASDAQ 100
The NASDAQ index gained 0.41% yesterday. The top performers on the NASDAQ Composite were Mullen Automotive Inc. which was unchanged from 0% to 0.63, Neurosense Therapeutics Ltd which was unchanged 0% to settle at 1.57, and China SXT Pharmaceuticals Inc. which unchanged 0% to close at 0.1826. The worst performers were VEON Ltd. which was unchanged from 0% to 1.3500 in late trade, Lexicon Pharmaceuticals Inc. which was unchanged at 0% to settle at 2.740 and Esports Entertainment Group Inc. which was unchanged at 0% to 2.97 at the close.
Oil - Crude Oil Market
Oil prices surged today as concerns over potential supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release. U.S West Texas Intermediate (WTI) April crude futures were up $2.56, or 2.67%, at $98.28.
The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%. A huge Russian military convoy approached Ukraine's capital Kyiv on Tuesday after ceasefire talks between Russia and Ukraine failed to reach a breakthrough.
Russia's economic isolation worsened as the world's biggest shipping firm Maersk on Tuesday said it would halt container shipping to and from Russia. The fragile situation in Ukraine and financial and energy sanctions against Russia will keep the energy crisis stoked and oil well above $100 per barrel in the near-term and even higher if the conflict escalates further.
Trading Signals
Precious and Base Metals - Gold Market
Gold prices edged lower today after Russian and Ukrainian officials held the first round of ceasefire talks overnight, dampening demand for the safe-haven bullion. Spot gold was down 0.1% at $1,906.00 per ounce. U.S gold futures rose 0.5% to $1,909.30. High-level talks between Kyiv and Moscow ended with no agreement except to keep talking, but Asian markets stabilized on signs of no immediate escalation of sanctions.
There was a swing in risk sentiment during the New York session, which reversed much of the Ukraine panic seen on Monday in Asia and Europe trade after sanctions were ramped up on Russia over the weekend. Investors are, for now, less concerned that the Ukraine war will lead to a double-dip recession and that has seen a rush back into equities at the expense of havens like gold.
CFD News
China's factory activity expanded slightly in February as new orders improved, pointing to some resilience in the world's second-largest economy. Gold often used a safe store of value during times of political and financial uncertainty, had risen about 6.5% in February, having soared to an 18- month high of $1,973.96 last week. We believe that gold may experience price volatility in either direction due to potential tactical positioning but investment demand is likely to be supported longer-term by high inflation, geopolitics, and overall market pullbacks. Auto-catalyst metal palladium gained 0.6% to $2,504.81, having reached its highest level since July 2021 at $2,711.18 last week. Spot silver was flat at $24.42 per ounce, while platinum rose 0.5% to $1,048.58.
Forex News
Traditional Agricultures
Wheat futures spiked after hitting 13-1/2-year highs on Friday, lifted by concerns that Russia's invasion of Ukraine and Western sanctions will continue to disrupt grain exports from the Black Sea region. Corn and
soybean futures also rallied on worries over the crisis. Egypt's state grains buyer, the General Authority for Supply Commodities, canceled a second international tender for wheat amid supply uncertainty and market turbulence following the invasion. The impact of sanctions on Russia is also being assessed. Importers will have to switch elsewhere at a time of pretty tight global supplies.
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