Morning wrap (10.03.2022)

9:53 am 10 March 2022

  • US indices rallied yesterday amid somewhat more optimistic news on the Russia-Ukraine conflict. S&P 500 gained 2.57%, Dow Jones added 2.00% and Nasdaq moved 3.59% higher. Russell 2000 jumped 2.71%

  • Indices from Asia-Pacific followed into footsteps of US peers and also moved higher. Nikkei gained 3.9%, S&P/ASX 200 moved 1.1% higher and Kospi jumped 1.7%. Indices from China traded 0.3-2.2% higher

  • DAX futures point to a flat opening of the European cash session today

  • Ukraine President Zelensky said he is ready to make some compromises, like agreed on neutral status, but said that Russia needs to compromise as well

  • United States warned that recent comments from Russian politicians signal that there is risk of Russia performing false flag operation involving chemical weapons

  • US House of Representatives approved $13.6 billion in aid to Ukraine. US House also voted to ban purchases of Russian oil, gas and coal

  • US Energy Secretary called onto domestic companies to boost oil and natural gas production

  • Yoon Suk-yeol, a conservatist, won South Korean presidential elections and will take office in May. It is said that under Yoon leadership, South Korea may harden its approach to China and North Korea

  • Guy Debelle, Deputy Governor of RBA, resigned from the central bank post and will pursue a career in the private sector. Debelle was sometimes seen as the next RBA Governor

  • Amazon announced a 20-to-1 stock split and $10 billion buyback scheme. Split will take place in June

  • Cryptocurrencies are pulling back following yesterday's jump. Bitcoin drops 6% and trades below $40,000 again

  • Oil trades slightly higher while precious metals pull back

  • NZD and AUD are the best performing major currencies while JPY and EUR lag the most

Some more positive news on Russia-Ukraine war pushed stock markets higher yesterday. Nasdaq-100 (US100) was the best performing major US index, gaining over 3.5%. However, the index still trades below short-term downward trendline. Source: xStation5

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