International Market Overview 28 March 2022

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 slightly higher Friday as investors continued to monitor the war in Ukraine and assess the outlook for global monetary policy. The pan-European Stoxx 600 closed 0.12% higher after reversing earlier losses. Oil and gas stocks rose 1.2%, while banks lost 0.4%. The Ifo business climate index for Germany fell sharply in March as the war in Ukraine dampened sentiment in Europe’s largest economy.
  • The S&P 500 rose Friday to end the week with a gain, even as investors weighed interest rate hikes and the war in Ukraine. The 10-year benchmark interest rate hit a new multi-year high of 2.5% on Friday as investors priced in a more aggressive rate hike cycle. Financial stocks rose Friday as the 10-year yield jumped. Bank of America and Wells Fargo rose 1.5% and 2.4%, respectively. On the flip side, technology stocks slipped, weighing on the Nasdaq. Zoom fell 3.2% and DocuSign lost 3.9%, among the biggest losers on the Nasdaq.
  • Asia-Pacific stocks fell for most of this morning as oil prices fell about 3%. Data released over the weekend showed Chinese manufacturing profits rose in the first two months of the year. According to the data released on Sunday, profits of Chinese industrial companies rose 5.0% year-on-year from January to February. Shares of Meituan rose more than 5% this morning after the group reported higher-than-expected sales in the final three months of 2021.

 

In International news

 

Uber lists yellow cabs in New York City on its app

After ravaging the yellow cab industry in New York City, Uber is now taking steps to get closer to it. The company will now list New York City’s yellow cabs on its app. Uber described this partnership as the latest step in its global efforts to work with the cab industry to enter new markets. Uber already has similar agreements in countries such as Spain, Germany, Austria and Turkey. Uber is facing a driver shortage as the company emerges from the pandemic. Through the agreement, Uber will add about 14,000 cab drivers licensed in New York City – one of its major markets – to its platform.

Spotify halts streaming in Russia over security concerns

Spotify is pulling out of Russia, citing a new law that threatens jail time for spreading “fake news” about the country’s armed forces. The music streaming company said security concerns regarding employees and “possibly even our listeners” had led it to completely shut down its free service. Spotify had already closed its office in Russia in March. However, the company said it wanted to continue operating its service to provide “independent news” to the country. “Spotify continues to believe that it is critical to maintain our service in Russia to provide trusted, independent news and information from the region,” Spotify said in a statement.