Notizia

With surging oil prices, concerns about the hawkishness of the Federal Reserve and fears of Russian aggression in Eastern Europe, the mood on Wall Street feels like a return to the 1970s. Other than bell-bottoms, the only thing missing so far is stagflation, which occurs when an economy experiences rising inflation and slowing growth at the same time.

Wall Street's main indexes struggled for direction on Thursday after a strong rally in the previous session as megacap growth stocks lost ground, while the Ukraine crisis kept investors on edge.

A Russia-exposed ETF rose by more than 100% in London on Thursday in a sign that some investors see current distressed levels as a potentially cheap entry point for Russian assets, even as the Ukraine crisis intensifies.

Companies returned to Europe's corporate bond market to issue debt on Thursday after it remained frozen for a week following Russia's invasion of Ukraine.

Megacap growth stocks dragged the Nasdaq and S&P 500 lower on Thursday as investors worried that soaring commodity prices due to the Ukraine crisis will add to inflationary pressures.

Palladium extended gains to a more than seven-month high on Thursday, spurred by concerns over supply shortages following harsh sanctions on top-producer Russia, while the Ukraine crisis and soaring inflation lifted demand for safe-haven gold.

Ferrari does not see any impact on its supply chain as a consequence of Russia's invasion of Ukraine, a spokesman for the Italian luxury carmaker told Reuters on Thursday.

U.S. stock indexes opened higher on Thursday, powered by banks and megacap growth stocks that led a rally in the previous session after Federal Reserve Chair Jerome Powell pointed to a cautious tightening amid the Ukraine crisis.

Europe could cut Russian gas imports by more than a third within a year, the International Energy Agency (IEA) said on Thursday in its 10-point plan on reducing reliance on Russia.