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Weekly Update 4 Mar 2022 Ukraine Invaded

National currencies, cryptocurrencies, and bonds fell; stocks were mixed but mostly lower, and commodities were mixed but mostly higher. War in Ukraine and the resulting sanctions against Russia drove the Ruble (not in table) down 34.4% and the Euro STOXX50 down 15.7%. Gold mining stocks, metals, and crude oil made gains. Palladium and crude oil (major exports from Russia) rose 23.8% and 22.4% respectively.

All the national currencies moved lower. The Ruble, hit hard by sanctions, dropped 34.4%, followed by the Euro, down 5.9%. The Chinese Yuan fared best, giving up 1.0%. The US Dollar fell 3.1%; treasury notes fell 2.9%, and long term bonds pulled back 0.6%.

Cryptos were also in the red, with Ether the weakest, falling 8.3%. Bitcoin started the week strongly, climbing 10.9% before retreating to close down 3.3%. A few cryptos, like the privacy coin Monero (up 0.8%, not in table) managed small gains.

Gold mining stocks rose 5.2%, but the major stock indexes fell. The Euro STOXX dropped 15.7%, and the DOW Industrials fell 4.4%. The Nikkei 225 and the S&P 500 each declined 4.3%.

Commodities were the week's brightest spot (if you were long!). Palladium rose 23.8% and crude oil gained 22.4%. Russia is a major supplier of both, and sanctions may reduce their supply. Copper also gained, rising 6.8%. Soft goods did not fare as well: coffee was down 9.5%, and cotton declined 4.6%.

Year over year, the best performers are crude oil, up 59.5%, and coffee, up 49.3%. Ether is in third place, with a gain of 46.1%. The biggest losses are in botcoin, down 29.1%, the Nikkei 225 stock index, down 25.9%, and the Euro STOXX, down 22.4%.

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