Producers of metals and other raw materials rose, but not by as much as the broad market, as the war in Ukraine continued to wreak havoc on commodities markets.
Steel giant Severstal PAO could register the first major default since Russia invaded Ukraine, as sanctions on majority owner Alexey Mordashov look set to block a coupon payment on a dollar bond. The payment was due on March 16 with a five business-day grace period, which expires Wednesday.
Federal Reserve Bank of St. Louis President James Bullard, the sole dissenter on the size of the rate hike at the last Fed meeting, reiterated his belief that the U.S. central bank needs to move "aggressively" with rate rises to bring inflation back under control.
The price of nickel plunged on the London Mercantile Exchange, but was more orderly than in any session since the temporary suspension of trading in the metal earlier this month. Nickel futures fell 9.8% to $28,320 a metric ton.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-22-22 1624ET
