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Stocks Resume Slide as Ukraine Crisis Seen Here to Stay

EQUITIES
  • Equity markets traded wholly negatively Tuesday, with both Wall Street and European indices slipping as markets took the view that the Ukraine crisis will extend into the coming weeks as Russia's hopes of a swift incursion looked misplaced.
  • The S&P 500 and Dow Jones slipped 1.5% apiece, with Europe's proximity to Russia prompting some underperformance, putting the EuroStoxx50 off over 4% at the close.
  • The EuroStoxx Bank Index was a particular point of weakness, with the SX7E hitting another YTD and erasing the gains seen since July last year and extending losses from the 2022 high to around 25% - thereby putting the index in a bear market.
  • This sentiment was mirrored in the S&P500, with financials leading the way lower alongside materials and industrials. The energy sector was the sole group of shares to trade higher, following WTI and Brent crude futures - both of which traded at a new cycle high and the best levels since 2014.
  • Yesterday's opening gap lower undercuts as next support for the e-mini S&P at 4251.75.
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