Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!
International Market Update
- European markets closed weaker Monday as investors watched the situation between Russia and Ukraine and unexpectedly strong economic data from the eurozone and the United Kingdom. The pan-European Stoxx 600 index provisionally closed down 1.4% after trading higher earlier in the session. Auto stocks fell 2.7% to lead the losses, while all sectors and major bourses slid into negative territory. On the data front, the euro area composite purchasing managers’ index compiled by IHS Markit, considered a reliable indicator of the overall economic situation, hit a five-month high of 55.8 in February, despite record consumer price increases.
- Markets in the United States were closed on Monday for the Presidents Day vacation.
- Stocks in the Asia-Pacific region slipped this morning as tensions over Russia and Ukraine continue to unsettle investors. Russian President Vladimir Putin ordered troops into two breakaway regions of eastern Ukraine after announcing Monday that he would recognize their independence. Japan’s Nikkei 225 briefly fell 2% in morning trading before partially recovering some of those losses.
In International news
Tesla CEO Elon Musk accuses SEC, of leaking information from federal investigation
Tesla CEO Elon Musk, through his attorney, has accused the Securities and Exchange Commission of leaking information about a federal investigation to retaliate against him for his public criticism of federal financial regulators. In a letter to U.S. District Judge Alison Nathan on Monday, Musk’s attorney Alex Spiro wrote: “It is increasingly clear that the Commission is out to retaliate against my clients for exercising their First Amendment rights – most recently by publicly criticizing the Commission and asking this Court for relief.” The letter comes four days after Musk initially claimed that the SEC was harassing him by constantly investigating him.
Dutch consumer protection agency imposes fifth $5.7 million fine on Apple
The Dutch antitrust authority on Monday fined Apple $5.7 million. This is the fifth consecutive fine for accessing non-Apple payment methods for dating app subscriptions. The Consumer and Markets Authority (ACM) accuses the iPhone maker of abusing its dominant position by not allowing software app makers in the Netherlands to use other payment methods for dating apps accessible through its App Store. The ACM has imposed weekly fines of €5 million after Apple missed a Jan. 15 deadline to make changes required by the regulator.