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Stocks on More Solid Footing as Russia Avoids Worst of Sanctions Pressure For Now

EQUITIES
  • Wall Street staged a solid recovery into the Thursday close, recovering sharply as Russia appeared to avoid the worst of Western sanctions pressure and thereby minimized the broader risk to the nascent post-COVID global economic recovery. The US and Western partners stopped short of removing Russia from the SWIFT payments system and avoided hitting the Russian energy sector, leaving a protracted supply disruption less likely in the near term.
  • As a result, the e-mini S&P erased a near 3% decline, adding 5% off the lows to finish higher on the session. The NASDAQ and growth names outperformed, putting the cash index higher by 3.5% at the close.
  • This late rally filtered through to a largely positive Asia-Pac session, with European indices similarly green at the NY crossover. The UK's FTSE-100 outperforms, rallying over 2% to erase the Thursday drop, although the index still holds well shy of the best levels seen on Wednesday.
  • Utilities are leading the bounce, with the lower risk of energy disruption fuelling gains, while real estate and consumer staples also trade well. A modestly softer Brent and WTI crude price has tampered a recovery in energy, which is the worst performing sector in Europe so far today.

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