Geoffrey Smith 

After being stuck for over a week, the Russian military are back in Ukraine. Investing.com As the human tragedy in Syria escalates, more refugees are now being displaced at a staggering 2.4 million. Talks to lift Iran sanctions are suspended, causing oil prices to jump. Rivian falls after it revised its production guidance this year. Chinese technology stocks have been hit hard by renewed concerns about U.S. delistings. However, the company that created nickel’s large short has stated it is willing to maintain the position. This is what you should know about financial markets Friday 12 March.

1. Summit is “possible”, but Russian war machine turns up

The Kremlin said a meeting between President Vladimir Putin and Ukraine’s President Volodymyr Zelensky is possible, raising hopes of a diplomatic resolution to a war that is now in its third week. Such hopes had taken a knock on Thursday after a meeting between the two countries’ foreign ministers broke up without visible progress. 

EU leaders also called for the complete withdrawal from Ukraine of Russian military forces. It set an extremely high bar for anyone attempting to lift economic pressure against Russia. Another 500 million euros ($555million) was promised in military support for Ukraine.

Russia increased airstrikes against western Ukraine and the Ukrainian army that was stuck north of Kyiv the past week began moving again. Analysts believe this may have been a precursor to an attack on Kiev. Putin stated that he will send volunteers from Syria in order to combat reports about foreigners wanting to join the Ukrainian army.

The humanitarian disaster in Ukraine’s other cities continued, with the residents of Mariupol having to dispose of their dead in mass graves, while Russian artillery – which targeted a maternity unit earlier this week – struck a psychiatric hospital, according to Ukrainian officials. Some 2.4 million people have fled Ukraine, according to UNHCR. It is also the most significant refugee crisis in Europe since World War 2.

2. As Iran talks are paused, oil prices jump

As the Iran sanctions were lifted, oil prices rose. It is believed that Washington fears the price of Iran’s nuclear program concessions will be too steep to allow for increased supplies of Iranian oil to global markets.

Venezuela was also mentioned by the Biden administration this week as a potential source of supplies. Of more immediate concern, unwillingness – or inability – of U.S. shale companies to increase production, despite record high prices. Baker Hughes’ , which measures U.S. drilling activity, is due later.

Friday, June 13, 2013, at 1130 GMT, futures had risen 2.0% to $108.43/barrel and 2.3% to $111.84/barrel by 6:30 AM ET.

3. Rivian is in the spotlight; Stocks to Open Higher

U.S. stocks markets will open higher Friday in response to European gains on renewed hope for diplomatic progress towards the conflict.

At 6:15 am ET, they had increased 387 points or 1.2%. They were also up 1.4% and 1.6% respectively.

Rivian, an EV maker and who announced a bigger loss in its fourth quarter but was still in focus for this year’s fiscal year, is one example. After its third-quarter earnings, Oracle (NYSE) stock was lower premarket due to increased operating costs and poor performance from its equity investments.

Meta Platforms (NASDAQ) will also be in the spotlight, following news that it would allow violence against Russian officials or armed forces to take place on its social media platforms. This is in direct violation of its policies.

4. SEC warns of a deepening sell-off in Chinese tech stocks

Chinese technology stocks could have their worst week since last year. This is after the Securities and Exchanges Commission sent out a warning on Thursday. It rekindled fears they might be delisted from U.S. stock market markets.

SEC ruled that ACM Research, fast-food giant Yum China (NASDAQ:) had been identified by the SEC. BeiGene (NASDAQ:), Zai Lab HutchMed and (NASDAQ:) all face delisting in the early 2024, if they do not present adequate audit documents to support their financial statements.

This index tracks Chinese ADRs and fell 10% Thursday. Individual names like Nio (NYSE) were also affected. Alibaba (NYSE: Pinduoduo Losses between 8% to 20% in the NASDAQ index The index is currently down 68%, compared to its peak in February 2013.

In China, however, new Covid-19 cases were officially recorded for the first-time in over two years. China’s Prime Minister Li Keqiang also again expressed concern about Western sanctions on Russia, which look increasingly likely to cause a sharp slowdown in the world economy.

5. Nickel is desperate to retain his job.

Nickel trading in London Metals Exchange will be stopped until Friday, as the exchange struggles with backlash to its efforts to protect members.

Tsangshin is the Chinese firm whose large short position caused the spike that forced LME to suspend trading. Tsangshin stated it would like to keep the position open. This may not be a bad thing considering that no one has agreed on a price.

Other base metals pushed higher on Friday, despite continued uncertainty regarding the Russian supply. The chairman of mining giant Norilsk Nickel, Vladimir Potanin, warned that Russia’s current policies would take it back to 1917 – the year of the Bolshevik revolution.