The US Federal Reserve may raise interest rates more aggressively if inflation continues to accelerate

Investors have difficulty assessing prospects for economic growth and corporate profits amid high inflation, interest rate hikes by global central banks, Russia’s invasion of Ukraine, and the new wave of COVID-19 in China.

During the fourth week, the conflict in Ukraine hardly subsides as hopes for a diplomatic solution to end the war fade. On Monday, President Joe Biden called Russian President Vladimir Putin a war criminal for his attacks on Ukraine and killing thousands of civilians and hundreds of children. Biden also warned that Russia plans to launch cyberattacks against the United States.

International rating agency S&P Global Ratings is revoking credit ratings of all Russian companies and organizations by April 15.

Oil prices could rise to $300 a barrel if the world completely abandons crude oil from Russia, Russian Deputy Prime Minister Alexander Novak said after it became known that the European Union was considering banning the purchase of Russian oil. Novak also does not believe that Europe can completely abandon Russian hydrocarbons because, in his opinion, there is nothing to replace Russian oil. However, if Russian oil is rejected, the country will diversify oil supplies from the West to the East by creating new supply chains. According to analysts, crude stocks are very low by historical standards, so any disruption in global supplies would significantly affect prices.

Asian stock indices were mostly down yesterday. Hong Kong’s Hang Seng (HK50) ended the day with -0.89% and Australia’s S&P/ASX 200 (AU200) decreased by 0.22%. The Japanese market was not traded due to the holidays. But Asian stock markets have been trading higher since the market opened today. The biggest gainer is the Australian ASX 200 index, which is highest for the last two months amid the background of Australian energy and mining companies’ securities.