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Author: Alan LittleDate: 2022-02-28

FTSE 100 +3.9% as global markets rally on Russia sanctions

Global stock markets finally rebounded on Friday following a sell-off as new sanctions targeting Russia’s banks but not its energy sector boosted sentiment.

Global stock markets rallied on Friday, with the FTSE 100 index finishing 3.9% higher and the Dow Jones Industrial Average rising 2.5% as investors reacted to the ongoing Russian invasion of Ukraine.

The latest round of sanctions against Russia was under scrutiny during the final session of the week and they were not quite as severe as expected.

The coordinated Western response has been extensive, but it has mainly targeted Russia’s banks rather than its globally significant energy sector.

That boosted investor sentiment on Friday as stock markets across Europe and in the US rebounded after a global sell-off earlier in the week amid fears about the impact of the conflict.

Capital Economics analyst Jonas Goltermann said that the market understands that war is never “good news” but believes that the “worst case scenario” has yet to materialise.

After a week of declines, the UK’s FTSE 100 made its biggest gains for almost 18 months as it jumped 3.9%, while markets in Germany and France both rose by 3.5%.

It was the same story in the US, where the Dow Jones, S&P 500 (+2.2%) and Nasdaq (+1.6%) all advanced.

Looking ahead to this week, Baird analyst Ross Mayfield says that markets are currently trading on “pure sentiment” rather than fundamentals.

He believes that the market “will rally and rally hard” if there is any possibility of President Vladimir Putin being open to talks with Ukraine.

That looks unlikely after a weekend of further conflict and heightened tensions, but investors will be hoping for some positivity to latch onto in the days ahead.

In the current environment, Rabobank’s Jane Foley believes that traders will be on the lookout for “bargains” and that firms in emerging markets could be an attractive option.

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