Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!
International Market Update
- European markets fell again on Friday. World sentiment hangs by a thread as the Ukraine-Russia crisis reaches a pivotal moment. The pan-European Stoxx 600 fell 0.4% by early afternoon, with travel and leisure stocks leading the losses, down 1.6%, while mining stocks bucked the downward trend, gaining 0.8%. In Europe, corporate earnings releases on Friday included Allianz, NatWest and Sika.
- U.S. stock indexes fell Friday, posting their second straight week of losses as the Russia-Ukraine conflict rattled investors. The Wall Street Journal reported at midday Friday that U.S. officials expect Russia to attack in a few days. Otherwise, Friday was particularly volatile as options and futures on trillions of dollars worth of stocks, indexes and ETFs expired. Shares of Roku fell 22.3% after the video streaming company reported a drop in revenue and gave a weaker-than-expected outlook.
- Asia-Pacific stocks fell this morning as investors continued to monitor the situation surrounding Ukraine. In economic data, China left its key interest rate unchanged. China left the benchmark one-year lending rate (LPR) unchanged at 3.7% today. The five-year LPR was also left unchanged at 4.6%. Japan’s Nikkei 225 briefly fell 2% in morning trading before recovering some of those losses.
In International news
Lufthansa to suspend flights to Ukrainian capital
German airline Lufthansa has announced it will suspend flights to the Ukrainian capital of Kiev starting Monday as fears of a Russian invasion grow. Flights to Odessa, a key port on the Black Sea, will also be suspended. “The safety of our passengers and crew members is our top priority at all times,” Lufthansa said. Last week, Dutch airline KLM said it would suspend its flights to Kiev. Lufthansa said it would operate flights on Sunday before the suspensions take effect on Monday. They are expected to remain in effect until the end of February. On Saturday, Germany’s Foreign Ministry urged its citizens to leave Ukraine “now.”
Massive Credit Suisse leak reveals possible criminal links among 18,000 accounts
Credit Suisse had its hands full Sunday trying to contain the fallout from its latest scandal after several newspapers reported that more than 18,000 leaked accounts showed that criminals, suspected human rights abusers and sanctioned individuals, including dictators, were clients of the Swiss bank. The leaked information, which involved accounts worth more than $100 billion, came from a whistleblower who shared his findings with Sueddeutsche Zeitung, according to a press release. The newspaper then called in an anti-corruption group and 46 other media outlets around the world, including the New York Times, the Guardian, Le Monde and others.