Morning Insights Tuesday 22 February 2022
Global Markets Update
U.S. MARKETS
Equity markets were closed for a holiday.
Long-dated U.S. treasury yields were unchanged, with the 2-Yr yield at 1.465% and the 10-Yr yield at 1.929%.
EUROPEAN MARKETS
European equity markets closed lower overnight, as investors weighed geopolitical risks from continuing tensions between Russia and Ukraine after the Kremlin said President Vladimir Putin will officially recognize the self-proclaimed separatist republics that Russia backs in eastern Ukraine, intensifying a standoff with the West. The Stoxx Europe 600 was down -1.3%, German DAX down -2.1% and U.K. FTSE 100 declined -0.4%. Euro-area manufacturers and service providers saw output improve in February with rising demand. And a gradual easing of supply bottlenecks underpinning stronger orders and job growth. However, prices charged for goods and services jumped by a record amount.
ASIAN MARKETS
Asian equity mmarkets closed mostly lower overnight, with the Shanghai Composite flat as property stocks slid after Zhenro Properties Group Ltd said it may not have enough cash to meet debt-payment obligations next month. The Hang Seng declined -0.6%, as Hong Kong continued to battle with escalating virus outbreak, reporting 7,533 new cases. KOSPI was flat and Nikkei 225 declined -0.8%.
WTI oil is trading at US$93.76 a barrel. Iron ore price is at US$120.04 per ton. Spot gold is trading at US$1,902 per oz.
