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Free AccessStocks Settle Lower as Wave of Sanctions Pressure Roils Russian Assets
- Acute volatility across Russian currencies unsettled developed market equities on Monday, putting all three major Wall Street indices and European markets into the red. A wave of sanctions pressure prompted the USD/RUB rate to trade to fresh highs of 112 (an intraday gain of over 35%) at some points of the Monday session, and while Russian equities remained closed, US and European equities gapped lower.
- The e-mini S&P shed around 120 points at the open, but the losses were gradually recouped across European and US hours to put the index broadly flat following the London close.
- In the cash S&P 500, real estate and consumer staples made up the worst performers, while energy and industrials fared more favourably. Defense names were a particular source of strength, putting the likes of Northrop Grumman, Raytheon and Lockheed Martin among the index's best individual performers.
- E-Mini S&P technical conditions remain bearish however price remains above last Thursday's 4101.75 low. Short-term momentum studies highlight bullish divergence between price and this still suggests scope for corrective cycle higher.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.