It’s the beginning of the end of globalization, say BlackRock’s Larry Fink
“The magnitude of Russia’s actions will play out for decades to come and mark a turning point in...
“The magnitude of Russia’s actions will play out for decades to come and mark a turning point in the world order of geopolitics, macroeconomic trends, and capital markets.”
That was Larry Fink, CEO of BlackRock BLK, in his annual letter to shareholders that published Thursday. And in our call of the day, he closed the door on decades of global economies connecting.
“I remain a long-term believer in the benefits of globalization and the power of global capital markets,” said the head of the world’s biggest asset manager. “But the Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades.”
Energy stocks are set to open around breakeven, with higher broader index futures (S&P 500 futures...
Energy stocks are set to open around breakeven, with higher broader index futures (S&P 500 futures +~0.5%) are counterbalancing weaker oil prices, which are just slightly off. Trading remains active as participants watch the U.S.-NATO meeting and any further potential sanctions placed on Russia, supply and demand activity globally and interpretations of Fed policy tightening.
Oil prices are steady this Thursday morning, showing a little weakness, as the U.S. president met other Western leaders and investors waited to see how sanctions would be tightened on Russia over its invasion of Ukraine. U.S. President Biden was meeting NATO leaders in Brussels for emergency talks as the Ukraine war entered a second month. Biden and European leaders plan to announce additional sanctions against Russia.
Natural gas futures are lower by 1% ahead of weekly inventory data. Analysts expect a draw of 55 bcf.
MarketWatch: U.S. stocks close lower Wednesday amid a sharp rise in oil prices and inflation worries
All three major U.S. stock benchmarks closed lower Wednesday amid a sharp rise in oil prices as the Russia-Ukraine...
All three major U.S. stock benchmarks closed lower Wednesday amid a sharp rise in oil prices as the Russia-Ukraine war pressed on for about a month. The Dow Jones Industrial Average DJIA, -1.29% and Nasdaq Composite COMP, -1.32% each closed around 1.3% lower, while the S&P 500 SPX, -1.23% fell 1.2%, according to preliminary FactSet data. While most of the S&P 500's 11 sectors booked losses, energy SP500.10, +1.74% booked sharp gains and utilities saw a modest rise, FactSet data show. In oil prices, West Texas Intermediate crude for May delivery CLK22, +4.67% rose 5.2% to settle at $114.93 a barrel. Investors also continued to weigh hawkish comments from Federal Reserve officials this week, including remarks Wednesday from Cleveland Fed President Loretta Mester, who said the Fed may need to do "some" 50 basis point rate hikes this year to combat high inflation.
Hess said it would consider adding this year a fourth drilling rig to its North Dakota'...
Hess said it would consider adding this year a fourth drilling rig to its North Dakota' production operations in the Bakken shale if prices stay strong.
Hess at the Scotia Howard Weil Energy Conference said it got rid of the portion of its oil hedge that limits its exposure to sky-high oil prices less than six months after doubling the volumes protected under the program. The company paid about $325M to remove its $100/bbl WTI and $105/bbl Brent hedges.
