Daily summary: Market volatility increases as the war in Ukraine enters its second week

European indexes finished sharply lower
Increased volatility on Wall Street
New sanctions on pro-Putin oligarchs and their families
Oil fails to hold gains

European indices took a hit during today's session, with Germany’s DAX down more than 2% to a 13-month low as the war in Ukraine enters its second week, while the market remained concerned that high commodity prices will boost inflation which could led to more aggressive monetary tightening. On the data front, services PMIs for the Euro Area, Germany and France were revised lower while fresh figures for Italy and Spain topped analysts’ estimates.

Wall Street experienced elevated volatility on Thursday. US stocks erased early gains after hawkish comments from Fed Chair Jerome Powell which confirmed that is willing to do all he can to bring down inflation. He also mentioned that it will be appropriate to continue raising interest rates throughout the year and if inflation does not fall, he is willing to increase by more than 25bps in a meeting or meetings. Moods improved slightly, after both Ukrainian and Russian negotiators decided that a third round of talks should take place as soon as possible. In the evening, Biden administration imposed new sanctions on Russian oligarchs and their family members who are supporting Putin. 19 Russian oligarchs and 47 of their family members and associates received visa restrictions. Washington implemented full blockage on disinformation targets including seven Russian entities and 26 individuals of those groups. On the data front, initial jobless claims fell more than expected, however ISM services PMI disappointed. Tomorrow investors will focus on the highly-anticipated NFP report.

Mixed moods prevail today in commodity markets amid a slightly stronger dollar. The US 10-year Treasury remained elevated around 1.85% while gold rose slightly to $1934 level. Silver fell 0.60%, however still trades above $25.00. Early in the session WTI jumped to new local high around $116.00 per barrel on news that a deal with Iran could be finalized shortly. However all gains have been erased after WSJ reported that there is no definitive end to the Iran talks. Major cryptocurrencies fell sharply during today's session. Bitcoin price dropped 4.50% to $42250 while Ethereum approaches $2800 level.

GBPUSD pair again failed to break above 1.34 level and fell sharply to support zone around 1.3350 which is marked with previous price reactions. Traders are trying to assess how the ongoing invasion of Ukraine will affect the upcoming BoE interest rates decision. Nevertheless should break lower occur, downward move may accelerate towards 1.3185 level. Source: xStation5

23 April 2026, 8:54 AM

💶European PMI Plunges as Iran Conflict Batters Economic Activity

23 April 2026, 8:51 AM

Chart of the Day: Where Is the Yen Heading in the Shadow of Hormuz and the BOJ?

23 April 2026, 6:53 AM

Morning Wrap: Ceasefire Fuels Wall Street Gains, but Political Uncertainty Remains

22 April 2026, 7:19 PM

Daily Summary: Unilateral Ceasefire Sufficient for Wall Street

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