Daily Alert – Tuesday 1st March 2022: Equities recover opening losses

Mark NugentDaily Alert, March 2022

Daily Alert – Tuesday 1st March 2022: Equities recover opening losses

Good morning.

The pressure continues to mount on Russia. A war crimes enquiry has begun. Governments sanction and companies terminate business relationships. Even Switzerland has joined in, abandoning their long-held neutrality, and agreeing to implement EU sanctions. The Russian stock market has closed, and interest rates have risen to 20 percent to support the Ruble.

Equities have recovered most of the gap down seen at the Sunday night open. The US 10-year yield dropped significantly but now seems to be recovering.

Risk sentiment right now looks positive. I will be looking closely at equities, particularly the Japan225 and the S&P500. The inverse relationship in JPY and commodity currencies is back (it wasn’t working yesterday). That’s good to see.

Back in the normal world we have ISM Manufacturing PMI in the US later today as well as Canadian GDP.

We’ll be back tomorrow.

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