European bourses halve afternoon losses as investors monitor war developments in Ukraine on a day when US President Biden and Chinese President Xi discussed the crisis and Russian President Putin addressed the nation. Frankfurt shed 0.7%, Milan 0.3%, Paris 0.5% and London 0.3% after Wall Street’s uncertain start, with indices hovering around parity in a session in which volatility eased through expiration is accentuated by options on indices and stocks for 3.5 trillion dollars. Meanwhile, Russia has paid the US dollar coupons of two Eurobonds to avoid a default. Oil remains well above $100 with Brent at 107.1 and WTI at 104.1. Gas moved little in Amsterdam (+0.8%) at EUR 105.9 per megawatt hour. In Milan, Webuild (5%) suffer after reports that disappointed the market and Eni (3.8%) on the day of the presentation of the strategic plan, Iveco (3%), Tim (1.8%), Pirelli (1.9%) and Unicredit (1.7%).
Russia sent US dollars to pay for accrued coupons on two USdenominated Eurobonds. Bloomberg reports, citing sources familiar with the affair. A Treasury Department spokesman reiterated that US sanctions against Russia do not prevent Moscow from making these payments.
S&P downgrades Russia’s longterm foreign currency bond rating from CCC to CC. As well as changing the longterm credit rating in local currency from CC to CCC. Both remain under observation with negative implications. “We are aware that investors have not received the coupon payment on the Russian government’s US dollardenominated Eurobonds when they mature on March 16, 2022 due to technical difficulties related to international sanctions,” S&P said. Meanwhile, Moscow warns: “The EU states are losing 500 billion euros as a result of the trade freeze with Russia and the mutual withdrawal of investments”.
REPRODUCTION RESERVED © Copyright ANSA
]]>
Get the embed code
]]>