FT News Briefing Markets rally on strong economic data, investors react to Biden’s sanctions on Russia
Apr 16, 2021
Global stocks surged to record highs, buoyed by positive economic data from the U.S. Meanwhile, President Biden's new sanctions on Russia sent ripples through financial markets, prompting varied responses from investors. Dubai made headlines by becoming the first city to partner with an autonomous taxi manufacturer, signaling a bold move toward futuristic urban transport. Additionally, the landscape of cryptocurrency shifted with significant developments, including Coinbase's notable Nasdaq debut. Exciting times lie ahead!
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Market Rally
- Global stock indices hit new highs Thursday after positive U.S. economic news.
- U.S. Treasuries rallied, reversing a year-long trend, with the 10-year yield dropping to 1.53%.
Unusual Treasury Rally
- Strong economic data usually leads to treasury sell-offs as investors seek riskier assets.
- This time, treasuries rallied, possibly due to J&J vaccine concerns and geopolitical tensions.
Sanctions on Russia
- Biden imposed sanctions on Russia, including a ban on U.S. institutions trading newly issued Russian state bonds.
- The ruble dropped about 2%, a milder reaction than some anticipated.