Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Morning Brew February 28 2022
Erik Schafhauser
Senior Relationship Manager
Summary: Sanctions drive markets
Go
Good Morning,
The War in Ukraine, the international sanctions and their fallout have a firm hold on markets and most likely will dominate the week.
As more and more sanctions are being imposed against Russia from all around the globe, starting with the exclusion of several banks from the SWIFT system, blocking Russian Central Bank transactions and imposing flight restrictions, markets are rather nervous.
The Norwegian sovereign wealth fund announced to divest Russian assets and BOP announced it would withdraw from its stake in Rosneft.
The Russian Ruble lost up to 30% of value in choppy trading and the Central bank just announced an emergency rate hike to 20%. We are currently trading 101 against the USD.
The rise in friction sparks risk off sentiment with Indexes falling across the board, Oil and Gold rise, the EUR is under pressure. Rose app 1% to 1908, Silver is at 24.30, Oil gains 5% and Indexes lose 3% in Europe, the Nasdaq 2% and the S&P500 0.5%.
EURUSD fell to 1.1170 and GBPUSD to 1.3375.
Bitcoin gives up 2.6% to trade at 38000.
Berkershire Hathaway announces stellar results on Saturday but Warren Buffet stated a lack of investment opportunities.
Todays economic data is a flurry of international CPI Data and the Swiss KOF but will be secondary developments in Eastern Europe We can also see some month end moves.
We are continuously updating all affected clients on any impacts from sanctions, in general we have imposed restrictions to prevent clients from being trapped in illiquid assets.
Trade safely!
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