Global Market Trends (17th Mar., 2022)

Commodities, Oil prices bounced around with U.S. crude dropping 1.4% to $95.04 per barrel, while Brent, the global benchmark, traded down 1.9% to $98.02 level. 


FED Rate Hike, The Fed, as expected, raised its key short-term rate by 0.25 percentage points and signaled rates would hit 1.9% by year-end marking the start to a series of about six rate hikes this year. Policymakers also indicated the Russia Ukraine conflict is adding "economic hardship" and creating "additional upward pressure."

Treasury Bills, The 10-year Treasury yield rose to 2.18%, a new 52-week high. 

Corporate actions, In stocks, Starbucks CEO Kevin Johnson is retiring and will be replaced on an interim basis by Howard Schultz, who helped grow the coffee giant into a global brand. He also dabbled in politics and considered a presidential run. 

Pfizer and partner BioNTech have asked the Food and Drug Administration to approve a second COVID-19 booster shot. 

Shares of Alibaba, JD.com and Didi Global rose after China’s government tried to reassure jittery investors by promising support for its struggling real estate industry, internet companies, and entrepreneurs after regulatory crackdowns.  

Retail market, Retailers were active after sales for February rose 0.3% month-over-month, after a larger-than-expected gain of 3.8% in January. Excluding the automotive component, spending rose 0.2%, down from January’s 3.3% pop. Both components came in weaker than expected. Separately, Walmart announced plans to hire 50,000 workers in "stores, clubs, campuses and supply chain facilities" as it continues to ramp up staffing. 

In cryptocurrencies, Bitcoin crossed back above the $40,000 level. 

SPOT MARKET  BY THE HOUR AS OF GMT 09;37  03-17-22