Daily Market Bulletin – 24 February 2022
Market Developments
Risk-off wave hits markets and sends investors to safe-havens, after Russian President Putin announced a special military operation in Ukraine, saying that his plans "don't include occupation of Ukrainian territory, we are not going to impose anything on anyone by force" - as per Politico's reporting of the address. [1]
Ukranian Foreign Minister Mr Kuleba however, twitted that "Putin has just launched a full-scale invasion of Ukraine. Peaceful Ukrainian cities are under strikes". [2]
US President Biden condemned the attack as "unprovoked and unjustified" and pointed to further sanctions against Russia , while UK PM Johnson vowed to "respond decisively" and that "President Putin has chosen a path of bloodshed and destruction by launching this unprovoked attack on Ukraine" [4].
EU Commission President Ms von Der Leyen twitted that "We will hold the Kremlin accountable" [5], while UN Secretary General urged Mr Putin to "in the name of humanity, bring your troops back to Russia" [6].
Australian airliner Qantas posted Underlying EBITDA Loss A$245 million in H1 FY22, marginally less than its A$250-A$300 million projection. The Group noted that "flying operations were severely impacted by widespread domestic lockdowns and continued international restrictions". QAN.au reacted lower and closed the day with losses of nearly 5%. [7]
Yesterday, Eurozone's CPI Inflation ticked up 5.1% year-over-year in January, from +5% in the previous month. Core CPI rose +2.3% year-over-year, from 2.6% prior.
Main Asia-Pacific stock markets plunged, US 10YR Yields drop and Oil prices surge due to the intense risk-aversion.
Safe-havens Japanese Yen and US Dollar attract flows, whereas risk-averse Antipodeans (AUD, NZD) decline against both.
Instruments Snapshot
EUR/USD sheds around 0.5%, breaching 1.1250.
GBP/USD is on the back foot and probes 1.3500.
USD/JPY drops and tests 114.50, as risk aversion benefits the Yen more.
USD/CAD advances towards 1.2800 after yesterday's retreat.
AUD/USD breaks below 0.7200, as investors seek the safety of the US Dollar.
NZD/USD sheds more than 0.5% for the same reasons, but defends 0.6700.
GER30 plunges to almost one-year lows and tests 14,000.
US30 is in similar move, trading below 33,500.
USOIL rallies past 96.50, the highest level since August 2014.
XAU/USD rises to 13-month highs above 1,940.
Economic Calendar Picks (GMT)
Market participants will continue to monitor the situation in Ukraine, while US Q4 GDP and Jobless Claims are due at 13:30. New Zealand Releases its Q4 Retail Sales at 21:45.
See the economic calendar here.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 24 Feb 2022 https://www.politico.eu/article/putin-announces-special-military-operation-in-ukraine/ | |
| Retrieved 24 Feb 2022 https://twitter.com/DmytroKuleba/status/1496695889401896964 | |
| Retrieved 24 Feb 2022 https://twitter.com/BorisJohnson/status/1496709938973917186 | |
| Retrieved 24 Feb 2022 https://twitter.com/vonderleyen/status/1496710321372901380 | |
| Retrieved 24 Feb 2022 https://twitter.com/antonioguterres/status/1496704208254509059 | |
| Retrieved 11 Apr 2026 https://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF1tpgyw/file/2022HY/1H22-Media-Release.pdf |
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