This is not a paywall.

Register for free to continue reading.

We made a promise to you that we’ll never erect a paywall and we intend to keep that promise. We also want to continually improve your reading experience and you can help us do that by registering with us. It’s quick, easy and will cost you nothing.

Nearly there! Create a password to finish up registering with us:

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Stocks Slide as Putin Announces Military Operation: Mar...

Business Maverick

Business Maverick

Stocks Slide as Putin Announces Military Operation: Markets Wrap

Stock figures on a screen at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020. Japanese stocks pared losses after the Bank of Japan’s policy decision and as U.S. futures bounced back following a global equity rout. Photographer: Kiyoshi Ota/Bloomberg
By Bloomberg
24 Feb 2022 0

U.S. equity futures and stocks slid Thursday on a report that President Vladimir Putin has decided to conduct a military operation in eastern Ukraine.

S&P 500 and Nasdaq 100 contracts tumbled more than 1%, European futures shed over 2% and an Asia-Pacific equity gauge fell to the lowest level this month. That followed a technology slide Wednesday that pushed the S&P 500 further into a correction.Treasuries, the dollar and gold climbed, reflecting demand for havens during times of stress. Crude oil surged on possible risks to Russian energy exports.

The report from state-run Tass said Putin decided to conduct a special operation to “protect” the Donbas region and that Russia doesn’t plan to occupy Ukraine.

Western powers are now likely to step up sanctions to penalize Russian aggression. The most recent U.S. step was to target the builder of the Nord Stream 2 gas pipeline linking Russia and Germany.

While Treasuries advanced, haven demand for bonds has been tempered by worries that commodity flows will be disrupted by the Ukraine crisis, stoking inflation and forcing central banks to step up monetary tightening.

Gauge of agricultural commodities hits record high amid Ukraine-Russia tension

The cost of everything from oil to grains to metals has jumped because of the standoff in eastern Europe. That’s helped to lift a gauge of agricultural commodities to a record high, heralding fresh challenges for a global recovery that was already struggling with elevated price pressures.

“Expect volatility to really persist in the next few months,” Lale Akoner, senior market strategist at BNY Mellon Investment Management, said on Bloomberg Television. She added geopolitical risks are flaring at a “very inopportune time” since markets are grappling with receding stimulus support.

In cryptocurrencies, risk aversion sparked a slide in Bitcoin, sending it toward $35,000.

Before the latest Ukraine drama, Federal Reserve Bank of San Francisco President Mary Daly said she’s watching geopolitical developments but has yet to see anything that would dissuade her from backing an interest-rate increase next month.

Bets on the number of rate increases by the Fed in 2022 have settled at about six 25-basis-point hikes. Investors remain worried that Fed tightening could choke the expansion in the world’s largest economy.

“Policy mistakes at this point in time are almost guaranteed,” Shana Sissel, president at Banríon Capital Management, said on Bloomberg Television. “The question isn’t, is there going to be a policy mistake, but how bad will it be? Will the Fed hike too much too fast, will they front-load everything?”

In Asia, the Bank of Korea raised its inflation forecast and stood pat on rates as it assesses the impact of three hikes since August.

Here are some events to watch this week:

  • Bank of Korea policy decision Thursday
  • EIA crude oil inventory report Thursday
  • Fed officials Loretta Mester and Raphael Bostic speak Thursday
  • U.S. new home sales, GDP, initial jobless claims Thursday
  • U.S. consumer income, U.S. durable goods, PCE deflator, University of Michigan consumer sentiment Friday

Some of the main moves in markets:


  • S&P 500 futures fell 1.7% as of 12:10 p.m. in Tokyo. The S&P 500 fell 1.8%
  • Nasdaq 100 futures slid 2%. The Nasdaq 100 fell 2.6%
  • Japan’s Topix index fell 0.7%
  • Australia’s S&P/ASX 200 index fell 3%
  • South Korea’s Kospi index shed 2.4%
  • Hong Kong’s Hang Seng index fell 2.6%
  • China’s Shanghai Composite index lost 0.7%
  • Euro Stoxx 50 futures slid 2.4%


  • The Japanese yen was at 114.89 per dollar
  • The offshore yuan traded at 6.3112 per dollar
  • The Bloomberg Dollar Spot Index rose 0.2%
  • The euro was at $1.1267, down 0.4%


  • The yield on 10-year Treasuries fell seven basis points to 1.92%
  • Australia’s 10-year bond yield was at 2.19%, down nine basis points


  • West Texas Intermediate crude rose 3% to $94.94 a barrel
  • Gold was at $1,922.79 an ounce, up 0.7%

Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted