Dow soared 419 advancers over decliners a big 4-1 & NAZ jumped 357. The MLP index fluctuated in the 194s & the REIT index went up 2+ to 460. Junk bond funds rose & Treasuries had limited selling bringing higher yields. Oil slid lower into the 95s & gold dropped 18 to 1911.
AMJ (Alerian MLP index tracking fund)
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Manufacturing activity in New York state plunged in Mar for the first time since the early days of the COVID-19 pandemic as orders & shipments dropped & delivery times increased. The report from the Federal Reserve Bank of New York showed that the general business conditions index fell to minus 11.8 – the lowest since May 2020 – from 3.1 the previous month. Any reading below zero indicates contraction; the gauge was also well below analysts' forecast of 5.5. The new orders index, meanwhile, dropped to minus 11.2 in Mar, while the shipments index fell to negative 7.4. The survey was conducted Mar 2-9, when the Russian war on Ukraine intensified & broadened into a massive humanitarian crisis. The US & its European allies have responded to the conflict by levying a widening array of economic penalties against the Kremlin, including targeting Moscow's energy sector, removing some Russian banks from the Swift financial system, & blocking its central bank from selling $s, €s & other foreign currencies in its reserve stockpile.
Manufacturing in liberal state slumps as prices soar nationwide
Ukraine Pres Volodymyr Zelenskyy invoked the attack on Pearl Harbor & the Sep 11 terror strikes on America as he pleaded directly with Congress to get more aid for his embattled country to fight against its invasion by Russia. Zelenskyy, who was greeted with 3 standing ovations from an audience of lawmakers, asked the US to implement a no-fly zone over Ukraine to stem the Russian attacks which have led to the deaths of thousands of people. “This is a terror that Europe has not seen. has not seen for 80 years and we are asking for a reply for an answer to this terror from the whole world,” said Zelenskyy, who during his speech played a video showing the bombing of Ukraine & wounded & dead civilians. “Is this a lot to ask for to create a no-fly zone over Ukraine to save people?” “Is this too much to ask?” he said via video link from Kyiv. But in an acknowledgment that Western countries are resisting the idea of a no-fly zone, which would be considered by Russia to be an act of war by them, Zelenskyy said. “If this is too much to ask, we offer an alternative.” That included additional weapons & humanitarian support beyond what has already been granted to Ukraine, as well as even tougher sanctions on Russia and leading Russian supporters of that country’s pres, Vladimir Putin, he added. “Constantly, every week, until the Russian military machine stops, restrictions are needed for everyone on whom this unjust regime is based,” Zelenskyy said, referring to additional sanctions. He also urged members of Congress to get companies in their legislative districts to leave the Russian market, “because it is flooded with our blood.” “I call on you to do more,” he continued. Referring to Pres Biden by name, Zelenskyy said he wanted his American counterpart to be not just the leader of the US, but also the “leader of the world” in the face of Russian aggression. “Being the leader of the world means to be the leader of peace,” Zelenskyy said.
Ukraine President Zelenskyy cites Pearl Harbor, 9/11 in asking U.S. to help fight Russia invasion
3M barrels per day of Russian oil output is at risk beginning in Apr as sanctions hit & buyers shun the nation's exports, the Intl Energy Agency (IEA) said. “The prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock,” the firm said in its monthly oil report, adding that this could ultimately be the “biggest supply crisis in decades.” “The implications of a potential loss of Russian oil exports to global markets cannot be understated,” the IEA added. Russia is the 3rd-largest oil producer behind the US & Saudi Arabia. But Russia is the largest oil & products exporter in the world & Europe depends on the nation for supplies. In Jan 2022, total Russia oil & products production stood at 11.3M barrels per day (bpd) of which around 8M bpd is exported. Looking forward, the IEA said 2.5M bpd of exports are at risk. Of that, 1.5M bpd is crude, with products making up the other 1M bpd. “These losses could deepen should bans or public censure accelerate,” the firm added. There’s also the possibility that peace is struck, curbing additional disruptions in the oil market. Given this, the firm cut its oil demand forecast by 1.3M bpd across the 2nd, 3rd & 4th qtrs of this year. The IEA now pegs 2022 total demand at 99.7M bpd, up 2.1M bpd from 2021′s levels. OPEC expressed a similar sentiment in its monthly report released yesterday. “Looking ahead, challenges to the global economy — especially regarding the slowdown of economic growth, rising inflation and the ongoing geopolitical turmoil will impact oil demand in various regions,” the group said.
Oil market heads for ‘biggest supply crisis in decades’ with Russia’s exports set to fall, IEA says
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