Nokia joins Ericsson as telecom giants leave Russia.
Global markets were mostly lower on Tuesday, and Wall Street set for an unsteady start to trading, as investors awaited the release of the Consumer Price Index, which was expected to show consumer prices continued to rise in March.
The SP 500 is poised to seesaw when U.S. markets open, futures showed, after ending 1.7 percent lower on Monday. The yield on 10-year U.S. Treasury notes, a benchmark for borrowing costs across the economy, rose 2 basis points, to 2.78 percent.
Economists expect the report, which will be released at 8:30 a.m. Eastern time, to show inflation rose 8.4 percent from a year ago through March. The number could make the Federal Reserve raise interest rates more quickly than anticipated as it tries to cool down the economy.
The inflation data is likely to capture the effects of soaring gas prices, which climbed to their highest levels since 2008 in March. Many companies would not buy Russian energy after the country’s invasion of Ukraine, even before the United States banned Russian energy imports and Europe moved to dramatically reduce its reliance on Russian gas and oil. Russia is the third-largest producer of oil, and crude prices spiked, followed by gas prices, which hit a record high in early March and kept rising.
Gasoline prices in the U.S. have moderated somewhat since, following oil lower. But oil prices rose about 3 percent on Tuesday.
European stock indexes were lower, with the Stoxx Europe 600 down 0.5 percent. In Asia, stocks ended the day mixed, with the Nikkei in Japan losing 1.8 percent, while the Hang Seng in Hong Kong gained 0.5 percent.
Article source: https://www.nytimes.com/live/2022/04/12/business/economy-news-russia-inflation