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NEW YORK (dpa-AFX) – The war in Ukraine, which is being waged with undiminished severity, and the price rally on the commodity markets are likely to cause losses on the US stock market at the start of the new trading week. The rise in oil prices to their highest level since 2008 had previously put pressure on the trading centers in Asia and on the European stock exchanges. The mood remains tense, commented market expert Andreas Lipkow.
Most recently, however, the pre-market discounts on Wall Street had reduced significantly. Around three quarters of an hour before the official start of trading, the broker IG rated the US leading index Dow Jones Industrial (Dow Jones 30 Industrial) with a minus of 0.6 percent to 33,416 points.
In the past week, the stock market barometer had given way more than one percent in view of the armed conflicts and was thus faring much better than the Dax, for example. The technology-heavy US index NASDAQ 100 is expected to be around half a percent lower at the start of the week.
The oil price shock is currently fueling investors’ fears of stagflation – ie a halt to growth when prices rise – and is causing uncertainty. Oil prices, which had already risen last week, continued to rise sharply after US Secretary of State Anthony Blinken brought further punitive measures against Russia into play. Washington is therefore discussing with European allies a possible ban on imports of oil from Russia.
According to information from Kyiv, negotiators from Russia and Ukraine want to meet for talks for the third time before the official start of trade in the USA. The first two rounds of negotiations had not produced any tangible results, and planned evacuations of the population from some cities in Ukraine had recently failed. Ukraine and Russia blame each other for this. Meanwhile, US Secretary of State Blinken announced on Monday that more US troops would be deployed to the Baltic States.
While there is little data available on the economic side in the USA, investors on the corporate side are mainly focusing on commodity stocks before the market. In the case of papers such as Chevron, Exxon Mobil or shares in the fertilizer company Mosaic (The Mosaic), premiums of one to two percent each were on the price table. Occidental Petroleum even went up by seven and a half percent.
The transport service provider Uber meanwhile convinced investors with an increase in the quarterly outlook, the papers were recently up around one and a half percent. Netflix shares lost a little more than one percent, and the streaming provider has now stopped its business in Russia./tav/mis
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