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After a long cold war, on February 24, 2022 Russia attacked on Ukraine from 3 different sides.
According to Ukraine news dozens killed as Russia attacks on multiple front across the Country.
Russia’s President Vladimir Putin ordered wide-ranging attacks on Ukraine on Thursday, hitting multiple cities and bases with air strikes or shelling, and attacking by land and sea.
Sirens rang out in Ukraine’s capital, Kyiv, and large explosions were heard there and in other cities.
Global Economy Situation after Russia Attack
Global Economy badly affected from Russia attack on Ukraine.
global stocks reeling and the price of crude oil over the $100 mark. All major U.S. indexes plunged at the market’s open, and the Nasdaq index, which has been volatile for some time now, flirted with bear market territory.
According to a source, ““The market pivot came after the announcement of retaliatory measures towards Russia overnight, with the U.S. implementing export controls to cut Russia off from semiconductors and other advanced technology, including software,” said Yeap Jun Rong, market strategist at IG in Singapore”.
The U.S. Fed looks certain to raise rates for the first time since 2018, with the only question being how quickly and how aggressively it will move, starting next month.
In the past, the Fed has sometimes delayed big policy decisions amid uncertainty over geopolitical events such as the Kosovo war and the U.S. invasion of Iraq, according to Goldman Sachs. But economists at the bank say they still expect the Fed to raise rates steadily at its upcoming meetings.
The Ukraine tensions probably just make it less likely the Fed will start the process with a bigger-than-usual increase in rates, something some Fed officials had recently suggested.
“The Fed may become more worried about the impact on economic growth and will probably want to tread more cautiously,” said Kristina Hooper, chief global market strategist at Invesco.
The Fed was already saddled with the delicate task of raising interest rates enough to stamp out high inflation but not so much as to choke the economy into a recession. Strategists at Evercore ISI said that risk still remains, and has become even more complicated by the attack on Ukraine, but that it’s “substantially greater in Europe relative to the US.”
With expectations falling for a bigger-than-usual increase in rates, stocks that tend to benefit the most from low interest rates led the way for indexes to pare their losses through the day. That put the spotlight on big tech stocks; Amazon, Microsoft and Nvidia all rose 4.5% or more.
That helped the Nasdaq composite swing from a 3.4% loss in the morning to a 3.3% gain by the end of the day, rising 436.10 points to 13,473.59. It was a remarkable turnaround after the Nasdaq was on track during the morning to close 20% below its record high for the first time since the coronavirus pandemic collapsed the economy in 2020. Expectations for higher interest rates had been beating down high-growth and tech stocks for weeks.
“We’re seeing some attempt at bottom-fishing here in terms of prices,” said Haworth. Such a “buy-the-dip” ethos has proved profitable in the past, but he said he thinks it’s still “a little early. We just have a lot of uncertainty ahead of us.”
The Dow Jones Industrial Average, which isn’t as influenced by big tech stocks, rose a more modest 92.07 points, or 0.3%, to 33,223.83. It rallied back from an earlier 859-point loss. The S&P 500 rose 63.20 points to 4,288.70.
Huge swings also rocked the bond market, where yields initially sank as money moved into investments that looked to offer safer returns than stocks. But yields recovered through the day, and the 10-year Treasury yield was 1.96% in late trading, close to the 1.97% it was at late Wednesday.
In currency trading, the U.S. dollar inched down to 115.46 Japanese yen from 115.48 yen. The euro cost $1.1203, little changed from $1.1204.
