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World shares fall on Ukraine conflict, looming U.S. rate hikes

Economy Mar 11, 2022 06:21PM ET
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2/2 © Reuters. A visitor wearing protective face mask, following an outbreak of the coronavirus, walks past in front of a stock quotation board outside a brokerage in Tokyo, Japan March 2, 2020. REUTERS/Issei Kato/Files 2/2
 
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By Elizabeth Dilts Marshall

NEW YORK (Reuters) - World shares slid on Friday, pressured by uncertainty about the conflict in Ukraine and expectations the Federal Reserve will hike U.S. interest rates next week.

The Nasdaq and the S&P 500 fell, weighed down by tech and growth stocks. Oil prices settled up for the day but down for the week in volatile trading.

Investors kept their focus on Ukraine, where Russian forces bearing down on Kyiv regrouped northwest of the capital. Ukraine's President Volodymyr Zelenskiy said his country had "already reached a strategic turning point" in the conflict.

The U.S. announced a ban on imports of Russian seafood, vodka and diamonds and made it harder for Russia to access funds from the International Monetary Fund, as Washington and its allies ramped up sanctions.

Financial markets have swung wildly during the war in Ukraine, now in its third week, as investors also braced for central banks to tighten monetary policy to tame inflation just as the global economy begins to slow.

U.S. consumer sentiment fell in early March by more than expected on inflation concerns, according to a Friday report, while data released Thursday showed consumer prices in February notched their largest annual increase in 40 years.

Next week, the Fed is expected to begin raising interest rates, and the Bank of England is expected to continue its rate-hikes, especially after January's economic growth numbers from the U.K. came in stronger than expected.

"While investors have accepted the Fed will likely begin raising rates next week, there is still a lack of clarity of how far and how fast the Fed moves from there," Lindsey Bell, Ally's Chief Markets & Money Strategist wrote in a note Friday.

"With the market taking action (in the form of volatility) and possibly reducing demand, the Fed may not have to move as quickly. Still, the pace of inflation will be the key driver of policy changes for the better part of this year."  

At 4:50 p.m. EST (2150 GMT), MSCI's gauge of stocks across the globe was down 1.15%.

The Dow Jones Industrial Average fell 229.88 points, or 0.69%, to 32,944.19, the S&P 500 lost 55.21 points, or 1.30%, to 4,204.31 and the Nasdaq Composite dropped 286.15 points, or 2.18%, to 12,843.81.

Investors may be put off by how statistically expensive the S&P 500 is, according to analysts at Bank of America (NYSE:BAC). The benchmark U.S. equity index is statistically expensive on 14 of 20 measures. [LIVE/]

Europe's benchmark STOXX 600 index closed 1% up, making this the first weekly gain after three consecutive weeks of losses.

Emerging market stocks lost 1.55%. MSCI's broadest index of Asia-Pacific shares outside Japan was 1.67% lower, while Japan's Nikkei lost 2.05%.

Oil futures have soared since Russia's invasion of Ukraine, hitting their highest levels since 2008 during the week and pulling back sharply as more supply looked to come online.

Brent crude futures settled up 3.05% at $112.67 a barrel, and U.S. crude settled up 3.12% at $109.33.

The dollar rose, notching a five-year high against the safe-haven yen, while commodity-linked currencies slumped.

The dollar was last up 0.78% against a basket of six global peers at 99.12. The index was on track for a 0.56% increase for the week, following last week's 2% rise, which was its largest weekly percentage gain since April 2020.

The greenback hit a five-year high against the Japanese yen, which was down 0.99% at 117.28 yen

The euro was last down 0.65% to $1.0912.

World shares fall on Ukraine conflict, looming U.S. rate hikes
 

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Comments (17)
Marco cuevas
Marco cuevas Mar 11, 2022 5:16PM ET
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Ok now its ok to write negative beadlines since options.closed.and ts.after hoirs CRIIMiNAL!!!!
taylor jason
taylor jason Mar 11, 2022 5:16PM ET
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lol negative headlines been a thing for the past few months. how is reporting the news "criminal".. someone must be on the side of a losing trade
Alberto Vl
Alberto Vl Mar 11, 2022 4:27PM ET
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Reuters will never get his ***** together. As soon as the market opened, the article's title literally said that there was optimism following Putin's comment. At the end of the day they changed the line to "people fear uncertainty". I can't explain how much I hate this kind of """reporting"""". Stop publishing articles every 10 minutes and contradicting yourself.
taylor jason
taylor jason Mar 11, 2022 4:27PM ET
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correction, the headlines were ambitious. guess that's what you get for not having reading skills
Shafaq Jawad
Shafaq Jawad Mar 11, 2022 2:03PM ET
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Just buy gold
john doe
batman876 Mar 11, 2022 1:37PM ET
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Would be fun to see these two nations make-up and become good allies again.
Marco cuevas
Marco cuevas Mar 11, 2022 12:01PM ET
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Stop buying stop losing money to easy.
Ma Lu
Ma Lu Mar 11, 2022 11:01AM ET
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Rally into yet another negative week
Marco cuevas
Marco cuevas Mar 11, 2022 10:31AM ET
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This is a rally? Mmm ok
Bob Dimitratos
Bob Dimitratos Mar 11, 2022 10:15AM ET
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🤡🤣
Marco cuevas
Marco cuevas Mar 11, 2022 9:59AM ET
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Creeping into the red its Friday time for the degenerate hedge funds to scalp...yo have been warned.
kunju pm
kunju pm Mar 11, 2022 8:46AM ET
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worldwide market manipulate is doing U. S
taylor jason
taylor jason Mar 11, 2022 8:46AM ET
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market manipulation to bring the market down lmaoooo.. sounds like someone doesn't understand how markets works then blame manipulation for their short comings
 
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