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Euro slides with U.S. stock futures as Ukraine risks rise - Reuters

Middle East

28-02-2022 | 07:55

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Euro slides with U.S. stock futures as Ukraine risks rise - Reuters

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U.S. equity futures sank with the euro while the safe-haven dollar and yen were in demand on Monday after Western nations imposed fresh sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.

U.S. 10-year Treasury futures TYc1 rose a full point, while the Russian ruble RUB=EBS indicated as much as 25% weaker at a new record low around 112 per dollar.

The fall in the ruble came after Russian President Vladimir Putin put nuclear-armed forces on high alert on Sunday, the fourth day of the biggest assault on a European state since World War Two.

At the same time, Asia-Pacific stock markets were higher in early trade, with Australia's benchmark .AXJO rising 0.39% and New Zealand's .NZ50 up 0.74%.

That was the knock-on effect of Wall Street gains from Friday, when the S&P 500 closed up 2.51%, said Kyle Rodda, a market analyst at IG Australia.

U.S. emini stock futures EScv1 though were pointing to a 2.32% drop at the restart.

"We had a deluge of very negative information over the weekend," Rodda said.

"My sense is there's not going to be much staying power behind this particular move (in Asia-Pacific stocks), considering we're talking about financial stability risks, and sprinkle over that the threat of nuclear war."

"The FX market seems to be the best signal (of market sentiment) at the moment."

The euro EUR=EBS slid 0.9% to $1.1165 and 0.85% to 129.15 yen EURJPY=EBS, while the risk-sensitive Australian AUD=D3 and New Zealand dollars NZD=D3 sank 0.76% and 0.85%, respectively.

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