Home ETFs Stocks Lower, Nickel Flips, Porsche 911 Electric, Alcohol to Fly Again on American – 5 Things You Must Know

Stocks Lower, Nickel Flips, Porsche 911 Electric, Alcohol to Fly Again on American – 5 Things You Must Know

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Stocks Lower, Nickel Flips, Porsche 911 Electric, Alcohol to Fly Again on American - 5 Things You Must Know

Here are five things you must know on Friday, March 18:

1. — Stock futures lower as Russia-Ukraine war enters fourth week

U.S. stock futures were lower on Friday, with major U.S. stock indexes on track to snap a three-day winning streak as Russia’s war on Ukraine enters its fourth, more intense week with missiles landing near the country’s western border with Poland.

The relative peace there was disrupted on Friday by a missile attack on the outskirts of the western city of Lviv, close to the Polish border, which has been a haven for people fleeing troubled cities in other parts of Ukraine.

In the Ukrainian capital Kyiv, airstrikes sounded and city officials reported shelling of a residential area. The explosion was also reported in the strategically important southern city of Odessa on the Black Sea.

Russia is continuing its siege as the war enters its fourth week, although U.S. and U.K. intelligence officials say the overall Russian offensive has slowed due to heavy losses, logistical problems and strong Ukrainian resistance.

Futures contracts related to the Dow Jones Industrial Average showed a loss of 169 points at the open, while futures contracts related to the S&P 500 were priced down 23.75 points.

The tech-heavy Nasdaq Composite noted that the yield on the benchmark 10-year U.S. Treasury note fell 83 points, surging to 2.215% after Wednesday’s Fed rate hike, before retreating to 2.157% in overnight trade.

However, stocks are still on track to end the week higher, with the S&P 500 at a one-month high and the Nasdaq at its highest level since March 12.

Still, oil prices continued to rise, with Brent crude futures up 82 cents, or 0.8%, at $107.46 a barrel, after surging nearly 9% on Thursday, the biggest percentage gain since mid-2020. U.S. West Texas Intermediate (WTI) crude futures rose $1.14, or 1.1%, to $104.12 a barrel, after rising 8% on Thursday.

Despite the rebound, both benchmarks are still down more than 4% this week after trading in the $16 range. Prices have retreated from 14-year highs hit nearly two weeks ago.

Meanwhile, U.S. President Joe Biden and Chinese leader Xi Jinping plan to engage more deeply in Russia amid U.S. efforts to prevent China from becoming more involved in Russia during its invasion of Ukraine.

The call, scheduled for Friday, comes as Beijing tries to show its eagerness to help prevent the Ukraine crisis from getting worse — without giving up on its alliance with Moscow.

2.–Nickel flips again, hits new trading limit

The benchmark three-month nickel contract fell 12% on Friday morning, hitting new trading limits as international metals markets continued to sell heavily amid the ongoing conflict in Ukraine.

Prices opened at $36,915 a metric ton, according to Refinitiv data. The 145-year-old exchange still has some open outcry trading, but it has been a frantic two weeks amid price spikes, technical glitches and trading halts.

Nickel prices more than doubled in a matter of hours on March 8, climbing above $100,000 a metric ton, as one of the world’s largest producers, China’s Tsingshan Holding Group, bought heavily to reduce short bets on the metal. . Trading had to be halted as the move exacerbated a price rally amid rising metal prices as Russia-Ukraine conflict intensified.

Then on Wednesday, the LME attempted to resume nickel trading after a rare shutdown, although a “system error” caused a handful of trades to fall below the newly mandated daily price limit, and the exchange was temporarily suspended again.

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The LME set a 5% trading range on Wednesday, widening to 8% on Thursday and 12% on Friday.

3. — Bank of New York Mellon to lose up to $200 million on Russia exit

Bank of New York Mellon (BK) – Get Bank of New York Mellon Corporation Report It could lose as much as $200 million in revenue this year as it halts new business in Russia and complies with a raft of Western sanctions aimed at crippling the country’s economy.

In a statement to The New York Times on Thursday, a BNY Mellon spokesman said the New York-based asset manager, which holds and manages $46.7 trillion, has ceased new operations in Russia and “suspended its interest in Russian securities.” investment management purchases”.

“We will continue to work with multinational clients who rely on our custody and record keeping services to manage their exposure,” The Times reported.

As a result, the bank expects to lose about $100 million in revenue this quarter. It estimates that revenue could drop another $80 million to $100 million for the rest of the year.

BNY Mellon is the largest so-called custodian bank, joining other U.S. banking giants including Citigroup (C) – Get Citigroup Inc. ReportsGoldman Sachs (GS) – Access to Goldman Sachs Group Reports and JPMorgan (JPM) – Get JPMorgan Chase & Co. Report – They said they would withdraw from Russia after Russia’s invasion of Ukraine triggered swift and severe economic punishment from the United States and its allies.

Meanwhile, the House of Representatives voted overwhelmingly on Thursday to suspend normal trade relations with Russia and Belarus, slap higher tariffs on more products for President Joe Biden and further weaken the Russian economy in response to its military attack on Ukraine prepare for.

The House vote was 424-8. The Senate is expected to take the measure soon for final passage.

4. — American Airlines resumes in-flight alcohol sales

American Airlines Group (AAL) – Get the American Airlines Group Company Report Sales of alcoholic beverages will resume on many domestic flights next month — a plan it delayed last year to curb unruly passenger behavior.

American said late Thursday that it would resume selling beer, wine and spirits on domestic flights over 250 miles on April 18, just as federal rules requiring masks on flights and airports are about to expire.

American is the last major airline to delay bringing alcohol back to economy class, though it already offers alcohol in premium cabins and beer and wine on long-haul international flights.

In 2020, when travel demand plummeted during the covid-19 pandemic, airlines largely suspended food and beverage services, and airlines took steps to minimize contact between customers and crew members. Those amenities have begun to recover, but airlines are taking a different approach to alcohol sales in the coach segment.

Flight attendants and federal aviation officials say both mask-related disputes and alcohol have played a role in the increase in in-flight accidents since last year. In explaining why it chose not to resume sales last year, American said at the time that alcohol can cause “atypical behavior” and exacerbate stressful situations.

5. – Porsche Confirms All-Electric 911 Boosts Electric Vehicle Output

The iconic Porsche 911 sports car will soon be available without an engine.

Porsche said on Friday it expects 80 percent of its global sales to be all-electric by 2030, and plans to introduce a hybrid version of the 911 after stronger-than-expected sales of the all-electric Taycan.

“Porsche’s future is electric,” Porsche CEO Oliver Bloom told the media at the roundtable.

The Taycan is Porsche’s first and only fully electric car to date. It accounts for about 14% of the company’s 301,915 vehicles sold in 2021. Taycan sales of 41,296 surpassed the 911’s record sales of 38,464.

The company’s next two EVs are expected to be the Macan SUV in 2023, followed by the 718 Roadster in 2025. Blume also confirmed that a hybrid version of its 911 sports car is on the way, but he didn’t reveal a release timetable.

Porsche reports that nearly 40 percent of Porsche cars sold in Europe are fully electric or plug-in hybrids, or PHEVs. Porsche currently offers two PHEVs, which many see as a short-term transition technology before pure electric vehicles.

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