SOFIA—Bulgaria supports sanctions on Russia as a means to halting its invasion of Ukraine, but will likely seek an exception on banning Russian natural gas and oil imports if such a proposal is put forward, Prime Minister Kiril Petkov said on Monday. EU and NATO member Bulgaria is almost completely dependent on gas supplies from…
Bulgaria May Seek Exception to Any EU Sanctions on Russian Gas and Oil
March 8, 2022
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Wall Street Opens Mixed Amid Russia Oil Ban Concerns
Wall Street’s main indexes opened mixed on Tuesday after suffering hefty losses a day earlier, as investors assessed the economic impact of a spike in oil prices and Western sanctions on Russia over its invasion of Ukraine. The Dow Jones Industrial Average rose 67.79 points, or 0.21 percent, at the open to 32,885.17. The S&P…
Euro Off 22-month Lows as Ukraine Crisis Grips
LONDON—The euro edged up from 22-month lows on Tuesday as war in Ukraine darkens Europe’s economic outlook, while currencies sensitive to soaring commodity prices were volatile. Russia’s invasion of Ukraine has led to increased demand for assets seen as safer across markets, with the dollar—the world’s reserve currency—up around 3 percent over nearly two weeks…
Oil Gains as Spectre of Sanctions on Russian Oil Spurs Supply Worry
March 8, 2022
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LONDON—Oil prices rose on Tuesday, with Brent surging past $127 a barrel, as the possibility of formal U.S. sanctions against Russian oil exports spurred concerns over supply. Benchmark Brent crude futures for May climbed $3.56, or 2.9 percent, to $126.77 a barrel at 11:03 GMT. U.S. West Texas Intermediate (WTI) crude futures for April delivery…
World Stocks at 1-year Lows on Inflation Shock Worries; Gold Shines
March 8, 2022
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Business & EconomycommoditiescrisiseconomyEuropeglobalgoldinflationMarketsRussia-Ukraine WarstocksUkraineWorld
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LONDON—World stocks held at a one-year low on Tuesday, while gold climbed above the key $2,000 level, as the prospect of a ban on Russian oil imports pushed up oil prices and raised concerns of soaring inflation and slowing economic growth. Russia warned that oil prices could surge to $300 a barrel and it might…
Wall Street Opens Mixed on Inflation Angst as Oil Breaches $130
Wall Street’s main indexes opened mixed on Monday, as the prospect of a ban on oil imports from Russia pushed Brent above $130 a barrel and added to concerns over spiraling inflation and slowing economic growth. The Dow Jones Industrial Average fell 35.05 points, or 0.10 percent, at the open to 33,579.75. The S&P 500…
Eurozone Investor Morale Plummets in March on Ukraine Crisis
FRANKFURT—Investor morale in the eurozone plunged in March in the wake of the Russian invasion of Ukraine and its implications for the global economy, a survey showed on Monday. Sentix’s index for the eurozone fell to -7.0 in March from 16.6 the previous month, hitting its lowest level since November 2020. A Reuters poll of…
Oil Spikes to 2008 Highs as US, Europe Mull Russian Oil Import Ban
Brent crude soared near $130 a barrel on Monday, its highest since 2008, as the United States and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears. Brent crude futures jumped $10.88, or 9.2 percent, to $128.99 a barrel by…
Bread Consumers to Swallow the Cost of Russia-Ukraine War
March 5, 2022
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WINNIPEG, Manitoba—Russia’s invasion of Ukraine, one of the world’s breadbasket nations, has driven wheat prices to 14-year highs, forcing bread consumers to eat the cost. Russia’s Feb. 24 invasion has severely hampered trade from Black Sea ports, driving up global Chicago benchmark wheat prices by 40 percent and further pushing global food inflation that was…
Ukraine Conflict Drives European Stocks to 1-year Lows, Automakers Plunge
European stocks sank to near 1-year lows on Friday, as auto and bank stocks took a battering on reports of a nuclear power plant on fire amid fierce fighting between Ukraine and Russian troops. The pan-European STOXX 600 index fell 2.8 percent, on course for its worst weekly decline since the pandemic fuelled selloff in…
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