What an unfortunate time to take the session off to run some errands. But I’m glad to be back. Thanks Ryan (@PiQ) for a stupendous job.
It was a wild day in markets yesterday and geez, the turnaround in US trading was rather insane. There’s just no words for it really. I mean to see the Nasdaq start the day 3.3% lower only to end 3.3% higher? Yowza.
In any case, the risk turnaround is rather symbolic and goes to show that the Russia-Ukraine war is what it is – just something that involves the two countries. It is sad to see what is happening to Ukraine (we have to make sure we are not completely void of human empathy in that sense) but in the context of markets, the fact that international sanctions against Russia are farcical matters more.
That said, there are still some nervous undertones in play with US futures keeping lower so far and gold keeping above $1,900. Oil is trading off its peak from yesterday but that owes to the fact that sanctions aren’t going to be targeting Russian energy.
There’s still some degree of uneasiness as we will have to see how Russia responds to the sanctions as well but I reckon they are pretty content with how things are playing out at the moment. We’re still caught in the fog of war so things may be a bit blurry. However, if the world leaves Ukraine to fend for itself, then there isn’t any other alternative ending to the story as it would seem.