Markets are roiled for sure. Oil is spiking. Gold’s only up $20 late evening. Russian commercial flights banned from most of Europe. Treasury bonds rising on falling yields at the moment. What’s fascinating is the heavy global reliance on Ukraine grain exports - particularly wheat. This is leading of course to rising grain prices. China seems to be taking a “wait & see” - not being eager to watch the global economy fall into the dumpster. Late evening Dow futures off over 600 points - but a bouncing ball …..
Here’s the second story“As the west piles sanctions upon sanctions seeking to crush the Russian economy, moments ago Reuters reported that Russia has made sure that at least those foreigners who have invested in Russian capital markets will have to stay for the ride.
According to Reuters, the Russian central bank – which the US and EU decided will be sanctioned and as a result all transactions will be banned – has ordered market players to reject foreign clients’ bids to sell Russian securities from 0400 GMT on Monday, according to a central bank document seen by Reuters.”