MARKET UPDATE

French companies must implement sanctions against Russia

French government spokesman Gabriel Attal said on Tuesday it was paramount that French companies respect sanctions against Russia decided by the European Union and that oil giant Total-Energies was doing that.

“What matters is that French companies implement sanctions,” Attal told France 2 television, when asked about Total-Energies, which is under pressure from activist investors and NGOs to exit Russia following its invasion of Ukraine.

 

UK unemployment falls below pre-pandemic rate

Britain’s unemployment rate fell below its pre-pandemic rate in the three months to January, even as the country was under the Omicron wave of coronavirus, while pay rose faster than expected, official figures showed on Tuesday.

Tuesday’s data is unlikely to ease concerns at the Bank of England that high inflation caused by soaring energy prices and post-COVID bottlenecks could prove slow to dissipate.

 

Asia stocks extend losses as Ukraine war, China’s COVID surge hit sentiment

Asian stocks were in the red on Tuesday as surging COVID-19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first U.S. interest rate rise in three years that could come this week.

 

Fed meeting hogs spotlight, yen keeps sliding

The yen remained under pressure on Tuesday and the euro edged higher as talks between Russian and Ukrainian negotiators continued, but moves were more muted than in recent days as the market’s attention turned to this week’s Fed meeting.

 

Tobacco group Imperial Brands flags small profit hit from Russia exit

Imperial Brands (OTC:IMBBY) has started talks to transfer its Russian business to a local third party following the Ukraine crisis, the tobacco company said on Tuesday, while flagging a small hit to annual revenue and profit due to the exit.

The maker of Winston cigarettes and Backwoods cigars said it would continue to pay its 1,000 staff in Russia until the transfer of its business is complete.

The London-listed tobacco group suspended operations in Russia last week, following international sanctions against the country after its invasion of Ukraine.

 

 

 

 

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