US indices finished yesterday’s session low but slightly off the daily lows. S&P 500 dropped 0.73%, Dow Jones moved 0.56% and Nasdaq moved 0.28% lower
Stocks in Asia traded mixed – Nikkei dropped 0.3% while S&P/ASX 200 gained 1%. Indices from China plunged and finished 1.7-5.0% lower
DAX futures point to a higher opening of the European cash session today
The United States announced a total ban on Russian oil, natural gas and coal. United Kingdom announced that it will phase out Russian oil in the coming months
In response, Putin signed a decree banning exports of certain commodities from Russia. However, list of those commodities have not been defined yet and is expected to be announced within days
According to media reports, NATO is considering imposing a no-fly zone over Western Ukraine to guard humanitarian corridors
Bank of Russia limited USD withdrawals from personal accounts to $10,000. Remaining balance can be withdrawn only in RUB
More companies announce withdrawal from or suspension of services in Russia. McDonald’s, Starbucks and Coca-Cola are the latest to make such announcements
Fitch expects Russia to default on its debt imminently
According to Reuters report, United States offered Venezuela to relax oil sanctions but only under condition that oil will be shipped directly to US
API report pointed to a 2.8 million barrel build in US oil inventories (exp. -0.8 mb)
The Japanese GDP report for Q4 2021 was revised lower from 1.3% to 1.1% QoQ (exp. 1.4% QoQ)
Chinese CPI inflation remained unchanged at 0.9% YoY in February (exp. 0.9% YoY) while PPI inflation decelerated from 9.1 to 8.8% YoY (exp. 8.7% YoY)
Cryptocurrencies caught a bid during the Asian session with Bitcoin jumping almost 8% to $41,500
Oil continues to trade near recent highs
Palladium, platinum and silver gain over 1% while gold trades flat
AUD and GBP are the best performing major currencies while JPY and USD lag the most