Falling U.S. consumer confidence sends NASDAQ lower
The tech-centric NASDAQ was lower on Tuesday, as data showed that consumer confidence in the U.S. fell in February.
Data from the Conference Board reported that its consumer confidence index dropped to 110.5 this month, which is its lowest reading since last September.
This comes after confidence in January came in at 111.1, with markets expecting this month’s figure to come in at 110.0.
The report attributes the decline in confidence to the current economic uncertainty in the United States, with many wary about the rise in inflation.
Despite confidence falling for a second straight month, retail sales are on the up, as reported last week.
As of writing, the NASDAQ was 0.79% lower.
DAX declines, as Germany halts Nord stream 2 pipeline
Germany’s DAX 30 was lower on Tuesday, as the nation’s Chancellor discussed potentially halting its Nord Stream 2 pipeline with Russia.
This comes following yesterday’s developments, where President Putin recognized two pro-Russian separatist regions in Ukraine.
|💡 Chancellor Scholz statement|
“In light of the most recent developments we must reassess the situation in particular regarding Nord Stream 2”
He went on to add that, “The appropriate departments of the Economy Ministry will make a new assessment of the security of our supply in light of what has changed in the last few days”.
If the pipeline eventually goes ahead, Germany will directly receive natural gas from Russia.
Sterling volatile as Britain sanctions Russian Billionaires
On Tuesday, the United Kingdom made a move to sanction members of Russian President Vladimir Putin’s inner circle.
Speaking today, British PM Boris Johnson stated that, “It is absolutely vital that we hold in reserve further powerful sanctions…in view of what President Putin may do next”.
The first sanction went to billionaire Gennady Timchenko, who is said to be an ally of Putin, with several Russian banks also targeted.
A statement that followed the sanctions read, “Bank Rossiya has supported the consolidation of Crimea into the Russian Federation by integrating the financial system following the annexation of Crimea”.
Johnson himself then added that, “We want to stop Russian companies from being able to raise funds in sterling or indeed in dollars”.
GBPUSD hit a six-day low of 1.3538 on the news.
“In trading, you have to be defensive and aggressive at the same time. If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep the money.”-Ray Dalio