US equity futures are higher this morning. President Biden gave his State of the Union address where he focused heavily on the Ukraine-Russia conflict, emphasizing that NATO is united. President Biden also spoke about inflation, supply chains, and coronavirus. Fed Chairman Jerome Powell will give his semiannual testimony to Congress today where investors will be looking for any clues regarding the speed of interest rate hikes.
Asia markets were lower. Russia’s invasion of Ukraine has entered day 7. Tensions worsened as Russian forces attacked civilian areas in Ukraine and Russia’s defense ministry warned of missile strikes on Ukrainian intelligence and communications facilities in Kyiv. Satellites images of a 40-mile long convoy of Russian military vehicles approaching Kyiv were especially unnerving for the market.
In Europe, markets were lower. Germany’s February unemployment rate stands at 5.0% versus 5.1% prior.