Thought For A Day
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rssBlinken says the planned meeting with Russian foreign minister is cancelled
Blinken says it does not make sense for me to meet with Lavrov now that Russian invasion is beginning
- sent a letter to Lavrov today informing him of that
- says the US will not allow Russia to claim the pretense of diplomacy
The meeting was intended to pave the way for a Biden-Putin summit. That will not be happening any time soon either. It was predicated on Russia not invading.
Dow & NASDAQ close lower for the 4th consecutive day. S&P lower for the 3rd day.
The major US stock indices are all closing lower. Russia/Ukraine tensions escalate which lead to the continuation moved to the downside
- The Dow industrial average and NASDAQ index are down for the fourth consecutive day
- The S&P index is down for the third consecutive day.
- The Dow and Russell 2000 lead the way to the downside today with declines of over 1.4%
A look at the final numbers shows:
- Dow fell -482.57 points or -1.42% at 33596.62
- S&P fell -44.15 points or -1.01% at 4304.77
- Nasdaq fell -166.54 points or-1.23% at 13381.53
- Russell 2000 fell -29.16 points or -1.45% at 1980.30
The Biden administration announced that the US would impose sanctions on:
- Two Russian banks
- On Russian elites, family members
- On Russian sovereign debt
There could be more to come if things continue to escalate.
The markets tried to rally after Bidens speech, but the momentum faded into the close.
UK PM Johnson: Sanctioning 5 Russian banks, and three individuals from travelling to UK
Johnson says that “this is the first tranche of what we are prepared to do”. In addition, there will also be asset freezes to the three supposed high-net worth individuals (Gennadiy, Nikolayevich, Timchenko).
He also adds that the UK and its allies need to prepare for a protracted crisis between Russia and Ukraine, with a full-scale Russian invasion still on the cards.
Only 1% Traders
The number of Nasdaq stocks that have now hit a 52-week low dwarfs that of the 2000 dot-com bubble and GFC. Maybe the bubble’s already popped?
Russian central bank says ready to take all measures to support financial stability
Russian stocks are down by over 8% on the day and there will be plenty of worries involving domestic assets as we await upcoming sanctions from the West. Considering the latest developments, I wouldn’t expect anything major that will bite Russia too hard. But in any case, markets are feeling jittery still and that’s comprehensible.
Thought For A Day
European stocks wrap up a rough start to the week
- UK FTSE 100 -0.4%
- German DAX -2.1%
- French CAC -2.2%
- Spain IBEX -1.2%
- Italy MIB -1.6%
Meanwhile in Russia:
- MOEX index -10.5%
- RTS index -13.2%
This isn’t a great look for German stocks.
Saudi Aramco CEO says there is no adequate investment in the oil sector
- Regulators, policymakers need to support more investment in the sector
- Otherwise, we will face major problems
- There is no adequate investment in the sector
- Today’s investment is not adequate to sustain global demand in short to medium-term
- Close to reaching pre-pandemic level in terms of supply
- Sees pick up in demand in the rest of the world
- Spare capacity today is very low and it is declining fast