INVESTORS, like everyone else, are attempting to understand the implications of Russia’s invasion of Ukraine.
But restricting Russia’s access to the SWIFT payments system over the weekend hit sentiment hard on Monday.
The yield on 10-year Treasury bonds, a key gauge of sentiment, started last week at just over 2% and ended it at 1.9%.
At 118 to the dollar at one point, the Russian currency has continued the collapse that has been underway since the annexation of Crimea in 2014 when it stood at less than 40 to the dollar.
At around 4,200, the S&P 500 index had fallen on Thursday last week by 15% from its January peak.
But some market watchers are asking whether the move into physical commodities this week is part of a longer-term shift and not just a response to an immediate crisis.
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