- As crude oil rose on the potential of a restriction on Russian supply, major stock markets from Europe to Asia are heading for bear markets, plummeting more than 20% from highs over worries of an inflation shock.
- Index futures in the United States declined as well, with airline companies falling in premarket trade and energy rising after oil hit $139 a barrel. Banks have suffered the worst losses in Europe, but defence businesses have benefited from the intensifying conflict in Ukraine. The price of European gas, palladium, and copper all reached new highs.
- The Biden administration is debating whether to impose an embargo on Russian oil and energy imports, a move that may exacerbate economic pressure as more businesses leave the nation in reaction to Moscow's invasion of Ukraine. High energy prices are threatening to stifle global development, a concern that is causing market tremors.
- Concerns about disruption in raw-material flows, as a result of the invasion and sanctions on Russia, have turned the resources giant into a global pariah, pushing commodities such as grains and metals higher. Commodity-linked currencies gained.
- Concerns about the economic prospects for Europe, which relies on Russian energy, caused the euro to plummet, going below parity versus the Swiss franc at one point. The dollar rose and Treasuries were little changed. The price of gold has risen above $2,000 per ounce.
- The BoJ may downgrade its economic evaluation at next week's policy meeting - Sources
- Eurozone Money Markets price in 20 BPS of ECB rate hikes by year-end, versus around 25 BPS on Friday.
- Iran's Foreign Ministry Spokesman Khatibzadeh: If Washington is logical and accepts our arguments, we will be able to achieve an agreement in the shortest period possible.
- At 10:00 AM Moscow time on Monday, the Russian military will hold fire and open humanitarian corridors in various Ukrainian cities - Ifax.
