Stocks and cryptocurrencies absorb “war news” and calm oil prices

The green color once again topped the screens of the local and global financial markets and digital currencies, while oil prices calmed somewhat on the second day of the Russian war on Ukraine, despite the successive announcements of imposing strict economic sanctions on Russia.

Despite the war atmosphere and the continued Russian bombing, the European Commission's index of confidence in the eurozone economy rose from 112.7 points in January to 114 points this February, against expectations that it would score 113 points.

The survey released Friday confirmed that the increase in the main index was driven by rising confidence in services, retail trade and construction.

Wall Street shares recovered from the sharp losses they suffered during trading, affected by the escalation of the Russian-Ukrainian crisis, following the announcement of economic sanctions.

Locally, the financial markets responded to the rising trend globally, especially in the American markets, and indices in all Dubai and Abu Dhabi closed their dealings today, Friday, with increases, especially the Dubai Financial Market, whose general index exceeded 1% at the end of the session with the support of 20 stocks that succeeded in rising and reducing losses yesterday, while its counterpart recorded In the capital market, an increase of approximately 0.5%, while the liquidity of transactions in both markets amounted to 1.5 billion dirhams.

Oil

Despite the uncertainty that prevails in the markets, especially the energy market, given the great importance of Russian natural gas to the European continent for industry and heating, the pace of the rise in oil prices has calmed somewhat, as “NYMEX” crude fell to below $93, while “Brent” crude is trading. Today, Friday, at $ 99, after yesterday it crossed the barrier of $ 106 for the first time since 2014 amid severe fears of a shortage of energy supplies in exchange for the expected increase in demand for it after the decline of the Corona pandemic.

Bitcoin

The cryptocurrency market succeeded in rebounding quickly and overcoming the repercussions of the war, as Bitcoin achieved today a rise of more than $38.8 thousand as of writing the report, equivalent to more than 10%.

The majority of digital currencies recorded varying heights in response to the leading currency.

inflation

Goldman Sachs said high energy prices in the euro zone due to the Ukraine conflict could push inflation to a record high in May.

And the US bank indicated in a report on Friday, carried by “Bloomberg” agency, that the consumer price index may record a level of 6.5% in May, before slowing to 5.4% by the end of this year.

The note indicated that while accelerating inflation may increase pressure on the ECB, its negative effects on consumption suggest that policy makers may be more patient when monetary policy normalizes.

Russia isolate

A German government spokesman said it was technically difficult to prepare for a step to isolate Russia from the SWIFT system for international interbank payments, and that this would significantly affect business transactions for Germany and German companies in Russia.

Spokesman Stephen Hebestreet added that Germany was not the only country with reservations about isolating Russia from the Swift regime, saying that Italy and France both had some reservations as well.

 The SWIFT system is defined as an international network used by almost all financial institutions around the world to transfer sums of money among themselves, and it is the cornerstone of the international payments system.

Follow our latest local and sports news and the latest political and economic developments via Google news