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International Market Update

Good morning,

U.S. stock indexes closed sharply higher Tuesday, with the S&P 500 and Nasdaq Composite snapping three-day losing streaks, after a smaller-than-expected rise in a measure of wholesale inflation and a slump in oil prices which had earlier soared on Russia’s invasion of Ukraine. The Dow Jones jumped 599.10 points, or 1.8%, to close at 33,544.34. The S&P 500 gained 89.34 points, or 2.1%, to end at 4,262.45. The Nasdaq advanced 367.40 points, or 2.9%, to finish at 12,948.62. The yield on the 10-year Treasury note rose 2.1 basis points to 2.16%

The pan-European Stoxx 600 closed down 0.3%, paring some of its earlier losses. Basic resources fell 2% to lead losses while media stocks gained 1.8%.

Asian shares rose Wednesday as investors awaited a widely anticipated decision by the U.S. Federal Reserve on interest rate policy. Tencent was last up 7.45% in HK. Brent crude futures gained 1.16% to $101.07 per barrel.

U.S. futures are currently mixed while European futures are positive

U.S. stocks slid into the closing bell on Friday, giving up earlier gains, and leaving the Dow down for five straight weeks as America and its allies looked to ratchet up economic pressure against Moscow to hopefully force the worsening conflict in Ukraine to a swifter end. The Dow Jones fell about 230 points, or 0.7%. The S&P 500 index shed 1.3% and the Nasdaq Composite Index lost 2.2%. The yield on the benchmark 10-year Treasury note rose 1 basis point to 2.016%.

The pan-European Stoxx 600 added 1.08% by the close, with travel and leisure stocks climbing 3.5% to lead gains as most sectors and major bourses closed in positive territory.

Asian markets were mostly lower as investors monitor a Covid wave in China and as oil prices continued to be volatile amid the Russia-Ukraine war. Hong Kong’s Hang Seng index dropped 3.81% by the afternoon, with Chinese tech stocks taking a beating. Tencent was last down4.51%. Brent crude futures down 2.07% to $110.34 per barrel. U.S. gold futures fell 0.5% to $1975.70.

U.S. and European futures are currently pointing higher.