London, Tuesday, 29 March 2022
US Markets Summary
After Ukraine and Russia claimed progress in cease-fire talks in Turkey, all three major US market indices rose on Tuesday, with the Dow closing up 339 points, the S&P 500 up 1.2 percent, and the Nasdaq up 1.8 percent.
The largest gainers were auto and travel equities, with Ford, GM, Caesar's Entertainment, and American Airlines all increasing by approximately 5%.
Energy and materials stocks, on the other hand, fell as commodity prices fell.
Meanwhile, Philadelphia Fed President Harker stated that the US is not headed for recession and that he expects a 25-basis-point rise in May, but is open to a 50-basis-point boost if inflation remains high.
In terms of statistics, the number of job opportunities in the United States reached 11.266 million in February 2022, a new high. Investors are now looking forward to Friday's non-farm payroll report, which will help them assess the job market's strength and the outlook for monetary policy.
European Markets Summary
After bilateral meetings in Istanbul, Russia's Deputy Defense Minister stated the country has resolved to restrict military activities near Ukraine's Kyiv and Chernihiv.
European stock markets climbed dramatically on Tuesday, with Germany's DAX up more than 2.5 percent to close at 5-week highs.
Inflation fears were also alleviated as oil prices fell below $100 per barrel, continuing a 7% drop the day before and moving further away from 14-year highs achieved earlier this month.
On the statistical front, GfK consumer confidence in Germany has plummeted as a result of the Ukraine conflict and rising inflation.
Autos rose over 6% to lead the increases across all sectors, with the exception of basic resources and oil and gas, which both dipped around 2%.
U.S. Stock Market Indexes as at 4:00 p.m. ET
S&P 500: +56.16 (+1.23%) to 4,631.68
Nasdaq: +264.73 (+1.84%) to 14,619.64
Dow Jones: +339.22 (+0.97%) to 35,295.11
European Stock Market Indexes
STOXX Europe 600: +7.92 points, or 1.74%, to close at 462.09 points.
FTSE 100 in London: +64.11 points, or 0.86%. to close at 7,537
DAX 30 in Germany: +2.79%, or 402.96 points, to 14,820
CAC 40 in France: +3.08%, or 203.05 points, to 6,792
FTSE MIB 30 in Italy: + 595.38 points, or 2.41%, to close at 25,307 points
IBEX 35 in Spain: -249 points, or 2.98%, to close at 8,614
Other markets
Ten-year U.S. Treasury note: -7.7 bps to yield 2.4000%
Dollar index: -0.67 or -0.68% at 98.42
VIX volatility index: −0.73 (3.72%) at 18.90
Oil prices
Brent crude: +1.14 or 1.06% at $ 108.80 as on Mar 29, 2022 at 9:34 p.m. BST
West Texas Intermediate: -0.70 or -0.66% at $ 105.27 as on Mar 29, 2022 at 4:35 p.m. EDT
Precious metals
Gold: -5.02 or -0.26% at $ 1,919.14 an ounce as on Mar, 29 2022 at 16:47 NY Time
Silver: -0.16 or -0.66% at $ 24.78 an ounce as on Mar, 29 2022 at 16:47 NY Time
Cryptocurrencies
Bitcoin: +603.40 (1.28%) at $ 47,594.10 as on 29 Mar, 20:45 UTC
Ethereum: +84.97 (2.55%) at $ 3,419.43 as on 29 Mar, 20:45 UTC
(Written and edited by: The Decision Maker)