In Asian Equity Markets stocks fell on Friday following the biggest quarterly decrease in global equities in two years, as investors worried about the impact of the Russian-Ukrainian war and rising risks of recession. In Tokyo, the Nikkei was down 0.75 percent in morning trade, while MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.70 percent lower. Hong Kong’s Hang Seng fell 1.1 percent, while Seoul’s Kospi lost about 0.6 percent. Chinese blue-chips turned around from a lower open to rise 0.7 percent.
In Currency Markets the dollar extended a rebound versus major peers on Friday, also resuming its rally against the yen, ahead of a key U.S. jobs report that could cement the potential for a 50 basis-point Federal Reserve interest rate hike next month. The euro trod water at $1.10690, following its sharp retreat the previous session from a one-month high of $1.11850 as Ukraine optimism faded. Sterling fell 0.07 percent to $1.31360, bringing its loss for the week to 0.36 percent. The dollar index rose 0.10 percent to 98.420.
In US Equity Markets stocks fell to close out the first quarter on Thursday with its biggest quarterly decline in two years as concerns persisted about the continuing conflict in Ukraine and its inflationary effect on prices and the Federal Reserve’s response. The Dow fell 1.56 percent, to 34,678.35, the S&P 500 lost 1.57 percent, to 4,530.41 and the Nasdaq Composite fell 1.54 percent, to 14,220.52. Drugstore chain Walgreens Boots Alliance lost 5.67 percent after the company kept its 2022 forecast for low-single digit earnings growth unchanged.
In Commodities Markets oil prices fell 7 percent to close just above $100 on Thursday as President Joe Biden announced the largest ever release from the U.S. Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply. U.S. West Texas Intermediate futures for May delivery settled down 7 percent, at $100.28 a barrel. Brent crude futures for May closed down 4.8 percent, at $107.91 a barrel. Spot gold was up 0.5 percent at $1,942.48 per ounce. Silver steadied at $24.84 per ounce, while platinum fell 0.6 percent to $984.52. Palladium fell 0.4 percent to $2,257.64.
In European Equity Markets stocks edged higher on Thursday, led by gains in automobile and defensive sectors, while oil stocks tumbled as a U.S. plan to tap into its strategic petroleum reserves weakened crude prices. The pan-European stock index rose 0.2 percent, despite a 1.5 percent decrease in oil stocks. London’s FTSE 100 index rose 0.1 percent, after data showed Britain’s economy grew more quickly than previously thought in the fourth quarter. Sweden’s H&M fell 7.9 percent after reporting a smaller profit than expected for the December-February period, its fiscal first quarter.
In Bond Markets U.S. Treasury yields fell on Thursday as demand for the bonds was boosted by quarter-end rebalancing and and a day ahead of highly anticipated jobs data for March. Benchmark 10-year yields fell to 2.33 percent and are down from 2.56 percent on Monday, which was the highest since May 2019. Bonds had a muted reaction to data on Thursday showing that U.S. consumer spending slowed significantly in February, while price pressures continued to mount, with inflation posting its largest annual gain since the early 1980s.