Weekly Market Update - 28 March 2022
2022 Chairman’s Letter
Larry Fink the Chairman of BlackRock, the world's largest asset manager, with US$10 trillion in assets under management, released his annual Chairman’s letter on Thursday, March 24, 2022.
He mentions how the world is undergoing a transformation: Russia’s brutal attack on Ukraine has upended the world order that had been in place since the end of the Cold War, more than 30 years ago. The attack on a sovereign nation is something we have not seen in Europe in nearly 80 years – and most of us never imagined that in our lifetimes we would see a war like this waged by a nuclear superpower.
Source: Larry Fink’s 2022 Chairman’s Letter
Lockdown Deepens Growth Concerns
Chinese stocks fell as a lockdown in Shanghai to combat a virus flareup raised worries over disruptions to business operations and the toll on economic growth.
Lockdowns add uncertainties to the outlook for Chinese equities, with investors already grappling with regulatory headwinds including a potential delisting of domestic firms from American exchanges, and the fallout from the war in Ukraine. Shanghai is home to the Chinese headquarters of many international companies and the country’s largest port.
Source: Bloomberg
US Jobless Claims at Lowest Level Since 1969
Fewer workers sought jobless benefits in the US last week than at any time since 1969. Just 187,000 people filed for unemployment, the Labor Department reported. That was down roughly 28,000 from the previous week. The figures show a stark turnaround in the job market in the US since the start of the coronavirus pandemic.
Source: BBC