Equities: Western nations revoked access to SWIFT for major Russian banks. While some efforts were made to carve out energy-related payments, many private entities will refuse to transact with Russian institutions until there is more clarity on the situation. For now, sales of most commodities will be challenging for Russia.
Brent crude surged 5%.
And European natural gas is up over 30%.
Emerging Markets: The ruble plummeted at the open today.
The central bank hiked rates to 20% (an unprecedented increase) to stem the ruble’s decline. For now, it’s not working.
China: Viewed by the market as a safe-haven currency, the renminbi continues to climb.
United States: Real consumer spending is back on the pre-COVID trend.
Equities: S&P 500 futures liquidity has deteriorated.
Food for Thought: Russian-occupied Ukrainian territory:
Edited by Daniel Moskovits
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