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Home Stock Trading

European stocks and U.S. equity futures wobble as Kremlin says U.S-Russia summit not a done deal

by Trading How
February 21, 2022
in Stock Trading
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European shares fell Monday, as traders clung to hopes that diplomacy will prevali over an more and more tense Russia-Ukraine disaster. Expertise shares led the draw back on the heels of sharp losses for that sector within the U.S. on Friday.

The Stoxx Europe index
SXXP,
-0.41%

fell 0.2% to 4,057, after a close to 1.9% drop final week, which was the largest weekly fall since late January. The German DAX
DAX,
-0.40%

was modestly increased, whereas the FTSE 100 index
UKX,
+0.01%

rose 0.3% and the French CAC 40
PX1,
-0.88%

fell 0.3%.

Wall Avenue buying and selling will probably be closed Monday for the Presidents Day holiday. However inventory futures had been ceding earlier stronger floor, whereas havens such gold
GC00,

pared losses, after a Kremlin spokesman stated no concrete plans for a summit between President Joe Biden and Russian President Vladimir Putin had been made.

Dow Jones Industrial Common
YM00,
+0.11%

and S&P 500 futures
ES00,
+0.05%

had been up simply 0.1%, whereas Nasdaq-100 futures
NQ00,
-0.12%

dipped.

The workplace of French President Emmanuel Macron stated late Sunday {that a} assembly between the 2 leaders had been agreed “in precept,” supplied Russia doesn’t invade Ukraine.

Whereas U.S. officers confirmed this, Kremlin spokesman Dmitry Peskov said Monday that it was “untimely to speak about particular plans for a summit.” He advised reporters {that a} assembly was attainable if “leaders think about it possible.”

Learn: What a Russian invasion of Ukraine would mean for the stock market, oil and other assets

Hopes for peace talks sent U.S. futures surging late Sunday and into Monday, following a weekend of rising tensions after Russia reneged on a pledge to drag tens of hundreds of troops from neighboring Belarus when army workouts conclude. 

U.S. officials said Sunday that they believe Russia will attack Ukraine, primarily based on intelligence that discipline commanders have been given last to organize for an assault. The U.S. and Western allies have vowed robust sanctions on Russia ought to it go forward with that invasion.

“The tentative summit between Russia’s Vladimir Putin and the US’s Joe Biden is perhaps one of many final possibilities for peace. At stake is the protection cooperation between Ukraine and Western nations and different safety measures sought by Russia,” stated Sebastian Galy, senior macro strategist at Nordea Asset Administration.

Again in Europe, financial knowledge confirmed the IHS/Markit eurozone PMI composite survey rising to a five-month excessive of 55.8 in February.

“On the identical time, hovering vitality prices and rising wages have added to inflationary pressures, ensuing within the largest rise in promoting costs but recorded in 1 / 4 of a century of survey knowledge historical past,” stated Chris Williamson, chief enterprise economist at IHS Markit, in a observe to purchasers.

Shares of Credit score Suisse
CS,
-0.45%

fell 1.2% after media stories emerged citing leaked information on greater than 18,000 accounts managed by the financial institution that had allegedly been concerned in human rights abuses, corruption and drug trafficking.

“Credit score Suisse strongly rejects the allegations and insinuations in regards to the financial institution’s purported enterprise practices,” the Swiss financial institution stated in an announcement on Monday. “The issues introduced are predominantly historic, in some instances courting again so far as the Nineteen Forties, and the accounts of those issues are primarily based on partial, inaccurate, or selective data taken out of context.” 

Expertise shares had been bearing the brunt of strain on Monday, with ASML Holding
ASML,
-0.40%

ASML,
-2.96%

and ASM Worldwide
ASM,
-3.29%

every down round 3%.

Shares of BE Semiconductors
BESI,
-6.68%

BESVF,
-0.19%

slumped 6% following the semiconductor meeting tools’s results late Friday, which confirmed falling income and orders amid provide chain issues. The corporate proposed a 95.9% hike in its dividend for 2022 in contrast with 2020, of €3.33 per share.

On the gainer’s aspect, shares of AstraZeneca
AZN,
-1.85%

AZN,
+2.19%

climbed 1.6% after the pharmaceutical big stated Part 3 trial outcomes for its Enhertu remedy on breast most cancers affected person showed meaningful survival improvement in sufferers in contrast with chemotherapy.

“In the present day’s historic information from DESTINY-Breast04 might reshape how breast most cancers is classed and handled. A HER2-directed remedy has never-before proven a profit in sufferers with HER2-low metastatic breast most cancers,” stated Susan Galbraith, AstraZeneca’s govt vp for Oncology R&D.

Elsewhere, shares of Synairgen
SNG,
-78.42%

slumped 80% after the U.Okay. drug-discovery firm stated a Part 3 trial of its inhaled remedy for COVID-19 failed to meet its primary or key secondary efficacy endpoints.



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