Global stocks traded mixed on Friday as a resurgence of Russian attacks dashed hopes for an early end to the war in Ukraine. France’s CAC 40 rose almost 0.2% to 6,670.87 in early trade, while Germany’s DAX rose 0.2% to 14,439.41. His FTSE 100 for the UK rose 0.3% to 7,540.21. Dow Industrials and S&P 500 futures were up 0.4%. The Tankan, the quarterly sentiment indicator that the Bank of Japan follows, showed the benchmark index for major manufacturers fell three points to 14 points from 17 points in a December survey, the first decline in seven quarters.
“The optimism of an overnight truce in the geopolitical conflict continues to wane as we approach the weekend break,” said Yep Jun Long, market strategist at IG Singapore. Japan’s benchmark Nikkei 225 fell 0.6% to his close at 27,665.98. A stock of Toshiba, the electronics and energy giant. It rose 6.5% after it was announced that Bain Capital may place a bid to buy and privatize the company. Toshiba said it was not involved in any such negotiations.
The war in Ukraine, combined with COVID-19 restrictions disrupting the supply chains of major manufacturers and growing concerns about inflation, especially rising energy costs, will cloud the world’s third-largest economy’s already weak growth prospects. War is the biggest factor weighing on the market, analysts say. Ukrainian President Volodymyr Zelensky has expressed pessimism about Russia’s intentions and said he expects the Russian offensive to continue for some time, he said in a late-night video address to the nation.
South Korea’s Kospi fell 0.7% to 2,739.85. Australia’s S&P/ASX 200 he fell less than 0.1% to 7,493.80. Hong Kong’s Hang Seng rose 0.2% to 22,039.55 and the Shanghai Composite rose 0.9% to 3,282.72. His rising COVID-19 cases in China have raised concerns about the region’s slowdown. The lockdown in Shanghai has entered a second phase of expanded restrictions, while hard-hit Jilin has lifted restrictions.
Russia’s invasion of Ukraine has raised concerns that tight supply will only exacerbate continued inflation that threatens businesses and consumers around the world. On Thursday, the S&P 500 fell 1.6% on Wall Street. It’s down about 5% since the beginning of the year. The Dow Jones Industrial Average also fell 1.6% for him and the Nasdaq Composite fell 1.5% for him. The Russell 2000 Index fell 1% to 2,070.13. Investors received a modest update on the job market on Thursday. More Americans filed for unemployment benefits last week.
Oil prices fell as President Joe Biden ordered the release of up to 1 million barrels of oil per day from the country’s strategic oil reserves. The move to put more oil on the market is part of an effort to control energy prices, which have risen nearly 40% globally this year. US benchmark crude fell $1.08 to $99.20 a barrel in electronic trading on the New York Mercantile Exchange. It fell 7% on Thursday. The international price benchmark, Brent, fell 69 cents to $104.02 a barrel.
- Global equities are divided as Japan’s “tankan” forecast is less optimistic
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