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Sanctions abound

Published Friday, March 21st, 2014

Relations between Russia and the west look set to become more contentious as the increasingly tit-for-tat nature of the retaliatory measures implemented against one showed no signs of waning.  The US and EU have expanded its sanctions against a number of President Putin’s closest political and business allies. The expected response from the Russians is sure to be all too familiar.

For now, according to Russia’s Deputy Finance Minister, the sanctions have yet to undermine the country’s finance sector. However, the fact that the crisis has dented its economic growth prospects was highlighted by S&P issuing a downward revision of its Russian outlook to negative.

The fallout from Janet Yellen’s comment on Wednesday continued to weigh on most equity markets with the exception of US stocks which staged a surprising recovery. Sentiment was helped by encouraging US data which showed that jobless claims rose by less than expected in the last week. Moreover, investors welcomed the news that the Philadelphia Fed’s index of manufacturing activity rebounded in March. The Dow and S&P500 both managed gains of around 0.6% with the latter 6 points shy of its record closing high.

To read the rest of the report, please click here 

Posted by David Hufton