World Markets

23 February 2022

World Markets – Headlines

• Dollar dips in choppy trade as investors weigh Ukraine scenarios
• Asia-Pacific markets rise as investors watch deepening Ukraine crisis
• Exports up 26.40% to $25.33 billion during February 1-21
• Oil soars as Russia, Ukraine fears intensify

Currency

The U.S. dollar dipped slightly against a basket of major currencies on Tuesday amid choppy trade spurred by developments in Ukraine after Russian President Vladimir Putin recognized two breakaway regions in the country and ordered troops to the area.

The dollar weakened somewhat as U.S. President Joe Biden announced the first wave of sanctions against Russia while saying he hoped diplomacy was still available.

The euro rose versus the greenback after earlier touching its lowest level since Feb. 14, buoyed in part by the hope for talks and economic data that showed business morale in Germany improved in February across all sectors to its highest since August. The dollar index fell 0.1%, with the euro up 0.2% to $1.1333.

Equity

India Stock Market

The market is expected to open in the green as trends on the SGX Nifty indicate a positive opening for the broader index in India with a gain of 78 points.

The benchmark indices extended correction for the fifth consecutive session. The BSE Sensex fell nearly 400 points to 57,301, while the Nifty50 declined more than 100 points to 17,092

Other Markets

Shares in Asia-Pacific rose in Wednesday morning trade as investors continue monitoring the intensifying crisis surrounding Ukraine.

Mainland Chinese stocks were higher as the Shanghai composite gained 0.23% while the Shenzhen component advanced 0.692%. Hong Kong’s Hang Seng index hovered slightly higher.

South Korea’s Kospi climbed 0.3% in morning trade. Elsewhere, the S&P/ASX 200 in Australia recovered from earlier losses, last up 0.21%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded little changed.

Overnight on Wall Street, the S&P 500 declined 1.01% to 4,304.76 — more than 10% below its Jan. 3 record close, leaving the index in correction territory. The Dow Jones Industrial Average slipped 482.57 points, or 1.42%, to 33,596.61 while the Nasdaq Composite dropped 1.23% to 13,381.52.

Indian Exports

Oil

Crude oil futures on Tuesday reached their highest levels since 2014 on supply concerns and stocks sold off in a volatile session as investors eyed international responses after Russia sent troops into parts of Ukraine.

Brent crude futures settled up 1.5% at $96.84 per barrel after earlier topping $99 for the highest level since September 2014, reflecting fears that Russia’s energy exports could be disrupted by any conflict. U.S. West Texas Intermediate (WTI) crude settled up 1.4% at $92.35 per barrel after earlier hitting $96, its highest level since August 2014.

Economic Events