28 February 2022
World Market – Headlines
Rouble plunges to record low, dollar holds firm as West bolsters Russia sanctions
Asian Stocks down Investors await next move on Ukrain Crisis
Crude rallies, rouble plunges to record low as Ukraine risks rise
The Indian rupee is expected to weaken against the dollar as traders weigh the economic fallout of the stricter sanctions Europe and the U.S. imposed on Russia over the weekend. Safe-haven assets and crude oil surged.
The rupee is tipped at around 75.60-75.70 to a dollar at open, down from 75.29 on Friday.
The rouble plunged to an all-time low on Monday, and the dollar soared against nearly all peers after Western nations announced fresh sanctions to punish Russia for its invasion of Ukraine, and Vladimir Putin put nuclear-armed forces on high alert.
Elsewhere, the euro tumbled as much as 1.3% to $1.112, before recovering a little to trade at $1.1165. It was also down 0.9% on the yen , and was off 0.7% versus the Swiss franc .
However, the dollar was the main beneficiary of the tension around Ukraine. The dollar index at was at 97.244 , well up from Friday’s close of 96.570.
The greenback even gained a fraction on the yen, which was at 115.58 per dollar
Indian equity benchmark indices are likely to open in the green on February 28 as trends on SGX Nifty indicate a positive opening for the domestic market with a gain of 42 points.
In the previous session, the BSE Sensex surged 1,329 points to 55,858, while the Nifty50 jumped 410 points to 16,658 and formed bullish candle on the daily charts, but the index needs to surpass and stay above 200-day exponential moving average for few days to gain strength.
Asia Pacific stocks were mostly down on Monday morning, with Western countries slapping harsher sanctions on Russia in response to the latter’s invasion of Ukraine.
Japan’s Nikkei 225 was down 0.36%. South Korea’s KOSPI was up 0.21%.
In Australia, the ASX 200 gained 0.48%. Hong Kong’s Hang Seng Index fell 0.92%.
China’s Shanghai Composite edged down 0.12% and the Shenzhen Component fell 0.71%.
The Dow Jones Industrial Average finished up 2.51% after closing 0.28% higher on Thursday while the S&P 500 gained 2.24% after rising 1.5% the previous day and the Nasdaq Composite added 1.64% after rallying 3.3% on Thursday.
Russia’s main stock index closed up 20% on after Thursday’s record 33% drop.
Crude oil jumped while the rouble plunged nearly 30% to a fresh record low on Monday after Western nations imposed new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.
The ramp-up in tensions heightened fears that oil supplies from the world’s second-largest producer could be disrupted, sending Brent crude futures up $4.21 or 4.3% at $102.14. U.S. West Texas Intermediate (WTI) crude futures were up $4.58 or 5.0% at $96.17 a barrel.
Monday, Feb 28, 2022
Nationwide HPI (MoM)
GDP Quarterly (YoY) (Q3)
Retail Inventories Ex Auto (Jan)
Goods Trade Balance (Jan)
Chicago PMI (Feb)
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