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International Market Update
- European markets closed lower Tuesday as investors continued to monitor the war in Ukraine and the West’s response. The pan-European Stoxx 600 ended down 0.36% after fluctuating for much of the day. Banks rose 2%, while media stocks fell 3.6%. At the bottom of Europe’s blue-chip index, British bakery chain Greggs fell more than 3% after warning that cost pressures could weigh on its 2022 profits. Meanwhile, peace talks between Russia and Ukraine in Belarus made little progress in resolving the escalating war.
- U.S. stocks slipped Tuesday after the S&P 500’s worst day since October 2020, as investors continue to assess geopolitical tensions between Russia and Ukraine and high commodity prices. The energy sector was a bright spot Tuesday amid rising oil prices. The jump in crude oil prices is already making itself felt in consumers’ wallets. The national average price for a gallon of regular gasoline rose to $4.173 Tuesday, according to AAA. The previous record was $4.114 from July 2008, not adjusted for inflation.
- Stocks in the Asia-Pacific region were mixed this morning as investors continue to weigh the potential economic impact of the ongoing war in Ukraine. Official data released today showed Chinese producer inflation rose in February. The producer price index increased 8.8% year-over-year this month. The February data compares with a 9.1% increase in January and is close to analysts’ expectations for an 8.7% rise in a Reuters poll.
In International news
Stitch Fix shares slump after company cuts full-year forecast
Shares of Stitch Fix plunged in after-hours trading Tuesday after the online styling service gave a weak outlook for its third fiscal quarter and lowered its full-year forecast as the company struggles to grow its customer base. Stitch Fix reported a net loss of $30.9 million, or 28 cents per share, compared with a loss of $21 million, or 20 cents per share, a year earlier. That was right in line with analysts’ estimates for the quarter. Revenue rose to $516.7 million from $504.1 million a year earlier, beating estimates of $514.8 million. The company had just over 4 million active customers, up 4% from the same period last year. Revenue per customer for the period was $549. For the third quarter, Stitch Fix expects net revenue to be between $485 million and $500 million, down 10% to 7% from a year ago.
McDonald’s temporarily closes 850 restaurants in Russia
McDonald’s announced Tuesday it will temporarily close 850 locations in Russia, citing “the unnecessary human suffering in Ukraine.” The decision came nearly two weeks after Russian forces invaded the former neighboring country. CEO Chris Kempczinski wrote in a letter to franchisees and employees that the chain will cease all operations in Russia. However, the 62,000 Russian employees will continue to be paid and Ronald McDonald House Charities will continue to operate. In recent days, McDonald’s has been criticized for remaining silent on the war, given its relatively large presence in Russia.