Inside Out and Back Again Currency

07:56

Introduction: ‍Fitch says Russia debt default imminent

Practiced morning time, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Russia is on the brink of defaulting on its debts, rating agency Fitch has warned, as the sanctions imposed since the Ukraine war batter its economy.

Fitch has downgraded Russia'due south sovereign debt to its second lowest level, down six notches to C. That'south just one footstep above borrowers who take defaulted.

The agency warns:

The 'C' rating reflects Fitch's view that a sovereign default is imminent.

AFP News Agency (@AFP)

#UPDATE Ratings bureau Fitch again downgrades Russia's sovereign debt rating farther into junk territory from "B" to "C", saying the determination reflects the view that a default is "imminent".

"Junk" status is the category of countries at chance of non being able to repay their debt picture show.twitter.com/TNCfu3JFNb

March 9, 2022

Fitch said that developments since information technology terminal downgraded Russia on March 2nd had further undermined the land's willingness to service regime debt.

Information technology points to President Vladimir Putin'south decree final calendar week that Russian creditors can utilise roubles to pay some strange currency debts, and the state'southward key banking company's restriction of some rouble-denominated debt coupon transfers.

The intensifying sanctions could as well atomic number 82 Moscow to default on its obligations, Fitch says:

The further ratcheting upward of sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at to the lowest degree selective non-payment of its sovereign debt obligations.

The statement comes afterwards the US and United kingdom said they will ban Russian oil, as the economic response to the invasion of Ukraine connected to ratchet up.

Russia is due to make its adjacent debt repayment on March sixteen -- though it would have a 30-24-hour interval grace period to meet the coupon payments.

Western sanctions, including a ban on Russia's central banking company from accessing foreign currency reserves, have preventing Putin from accessing much of the $630bn war chest built upwardly in foreign currencies before the invasion.

Yesterday, a flurry of major Western countries suspended business in Russia, with Starbucks, Coca-Cola, Pepsi and McDonald's joining the pullout following the Ukraine war.

Shell appear plans to withdraw from Russian oil and gas and Unilever has said it will finish importing and exporting its products with Russian federation:

European markets are set to open higher, with the FTSE 100 on track to leap more ane% at the open.

Jeremy Naylor (@JeremyNaylor_IG)

#Wednesday mkts: #Europe expected up but looks fragile. China down #HangSang new 5½ yr depression. Listing of Co's out of #Russia grows. #Oil upwardly as The states United kingdom European union plans to ban Russian output. #Golden almost record highs. LME halts #Nickel trade - #China trader looses billions in Nickel short. pic.twitter.com/HugYHdRw1S

March 9, 2022

The agenda

• 3pm GMT: US JOLTs job openings total in January
• 3.30pm GMT: IEA weekly Usa oil inventory figures

Updated at 11.47am GMT

11.36pm GMT 23:36

Tech and banks lead Wall Street rebound

Traders on the floor of the New York Stock Exchange. Photo: Brendan McDermid/Reuters

A late update: Wall Street drove the global rally onwards, with its best day in around 21 months.

The Due south&P 500 index of US company stocks has airtight 2.5% higher at 4,277 points, up 107 points. That's its biggest 1-24-hour interval percentage gain since June 2020, with financial stocks and tech firms rebounding.

CNBC (@CNBC)

Stocks posted sharp gains on Wednesday equally recently surging commodity prices, especially oil, cooled off while the war in Ukraine continues.

The Dow rallied 2%.
The South&P 500 rose 2.57%.
The Nasdaq surged 3.59%. https://t.co/vAHfBqgy3c picture.twitter.com/EY7fXyBjZk

March 9, 2022

That'due south quite a rebound, later on New York saw its biggest drop in over a twelvemonth on Monday:

Kyle Rodda of says:

Narrative. Catamenia. Technicals. Sentiment. In the brusque-run, markets are always driven by these factors more anything else. In a highly uncertain and volatile environment, this fact only becomes more relevant. For these reasons, it'due south why we saw what was the biggest ane day rally in US stocks since June 2020.

The key headline sparking it all were reports that Ukrainian President Volodymyr Zelensky is willing to commit to political neutrality – that is, not getting into bed with NATO in whatsoever way -- in commutation for a respect of existing Ukrainian borders. If this seems like a possibly fiddling and ineffectual commitment, and ane that has been effectively made prior to this point, that'due south because it is, and has been.

However, concluding dark information technology capture the hearts of market place participants, setting of a relief rally in equities and the Euro, and a drib in the major invasion trades in oil and gold, with the shift in sentiment setting off a brusque-term technical reversal as flows moved in the reverse management to the prevailing trends.

Shares were likewise boosted by the precipitous fall in oil prices on Wednesday, with The states rough plunging 12%.

Oil's fall followed reports that the United Arab Emirates could favour an increase in output past Opec, to address market turmoil.

However... energy minister, Suhail al-Mazrouei, has now tweeted that the UAE is committed to the existing OPEC+ schedule of production increases, saying:

"The UAE believes in the value OPEC+ brings to the oil marketplace"

سهيل المزروعي (@HESuhail)

The UAE believes in the value OPEC+ brings to the oil market.
The UAE is committed to the OPEC+ agreement and its existing monthly product aligning machinery.

March 9, 2022

Gregory Brew (@gbrew24)

UAE believes in increasing OPEC production (which, btw, OPEC is already going to do according to its current arrangement), but it's likewise committed to the OPEC+ alignment with Russia and the group's unity.

Transition: don't count on UAE pushing for higher output in April.#OOTT https://t.co/GchKckey7D

March nine, 2022

Javier Blas (@JavierBlas)

Well, that was quick. Existing monthly increases: and so that's the +400,000 b/d that OPEC+ is bringing (on paper) every month. For at present, it doesn't sound like Abu Dhabi is pressing for a *faster* output path (despite what its United states of america embassy said earlier today) #OOTT https://t.co/eIoExaowZq

March 9, 2022

seven.49pm GMT xix:49

Closing postal service

A recap....

Rating agency Fitch has warned that a Russian sovereign debt default is imminent, as it slashed the state's credit rating to its 2d-lowest notch.

Fitch predicted that the pain of escalating sanctions raised the proospect of at to the lowest degree a 'selective non-payment' of its sovereign debt obligations, after the US and the Uk both announced bans on Russian oil imports on Tuesday.

Russians are already feeling the economic pain of the crunch. Aggrandizement jumped by over 2% in the first week of the Ukraine war, with consumer prices now 10% higher than a year ago.

With the economy heading into a deep recession, in that location is clearly much more trouble alee, with the rouble weakening again this morning.

Robin Brooks (@RobinBrooksIIF)

We forecast Russia will run across a massive GDP drib of -15% in 2022. Downside risk to that number is building fast as state of war escalates. Financial conditions (blue) tightened further from just a few days ago, leaving 2009 in the dust. Russia is on course for unprecedented impoverishment. moving-picture show.twitter.com/rSACIeSQtP

March 9, 2022

European stock markets have staged a dramatic rebound today, in their strongest recovery in two years. Germany'south DAX led the way with an 8% proceeds, as feet over the crisis appeared to ease.

In London, banks, travel companies and Russian miners all had a strong day, recovering some of the major losses in the last two weeks.

Oil prices have tumbled, with crude down effectually 13% this night on optimism that Opec might heave production. The move has calmed some concerns about inflationary pressures hitting the global economic system.

Simply analysts have cautioned that the markets may be too optimistic, given the air strike on a Children'due south hospital in Mariupol today, and Western fears that Vladimir Putin could use chemical weapons on Kyiv.

The Eu has added more names to its sanctions list ,including Russian Formula One driver Nikita Mazepin and Russian business leaders.

While the UK government unveiled new aviation sanctions against Russia, toughening up a ban on Russian planes flying or landing in the U.k. alongside powers to detain any Russian aircraft in the United kingdom of great britain and northern ireland.

Ane individual jet has already been seized, and could be linked to billionaire Eugene Shvidler, the close friend and business organization partner of Roman Abramovich.

The business backfire confronting Russia gathered more than pace, with the owner of KFC and Pizza Hut has joined the ranks of Western brands suspending its operations in Russia.

Kentucky-based Yum! Brands is suspending 70 KFC company-endemic restaurants in Russian federation and finalising an understanding to suspend all 50 Pizza Hut outlets in partnership with its principal franchisee.

Mothercare, Heineken and Universal Music Group also announced they were halting operations in Russian federation.

Tobacco firm Royal Brands also announced it will halt operations in Russia, only British American Tobacco will continue selling cigarettes in Russian federation:

While some directors are quitting the boards of Russian firms, others are belongings firm:

Fertiliser giant Yara has temporarily cut output at 2 European plants, due to soaring energy prices.

With fears of food shortages already ascension, Irish dairy and beefiness farmers are beingness urged to start growing crops. Agriculture ministers from G7 countries including U.k.'s George Eustice will meet on Friday to hash out grain shortages and nutrient price volatility among the war in Ukraine.

Elsewhere, the US labour market remains tight with eleven.3m task vacancies at American companies in January.

UK households are the gloomist most fiscal weather in a decade, as aggrandizement squeezes incomes.

As well:

Goodnight. GW

7.25pm GMT nineteen:25

Phil Stewart (@phildstewart)

(Reuters) - Russian federation's stock market will not open on Th but the strange exchange market, money market place and repo market will operate starting at ten am Moscow time, the key bank said on Wednesday.

The exchange has closed several times since Russia's invasion of Ukraine.

March 9, 2022

vii.14pm GMT 19:fourteen

Muscovites get used to life without Dior and McDonald'south

Pjotr Sauer

A Big Mac burger at the McDonald'southward eating place in Pushkin Square. Photograph: Alexander Shcherbak/TASS

The irony was not lost on some of the Muscovites who were queueing outside a McDonald's on Tuesday evening, just after the company announced it was temporarily closing its nearly 850 locations in Russia.

"My dad in one case told me how he waited in a long line when McDonald's opened when he was young. And at present I ended up besides queueing, but for a very different reason. History can be funny," said Dmitry Grigoryev.

When McDonald's opened its doors in Moscow's Pushkin Square in 1990, a queue thousands-long formed. Inside and outside the country, the inflow of the aureate arches was seen every bit a definite sign of the end of cold war.

Russians' embrace of western fast nutrient, pop civilization and jeans came to signify the country'southward integration into the global capitalist system. Despite rise absolutism under Vladimir Putin over the last decade, international brands remained eager to go along their doors open in Moscow and other big cities with a sizable center form.

Merely Russian federation'southward invasion of Ukraine on the morning time of 24 February changed everything. Since and so in that location has been an unparalleled leave of international firms, amidst them Toyota, Heineken, Nike, Apple, Exxon, Ford, Zara, Netflix and Ikea.

"The exodus of companies is really stunning," said Maria Shagina, an international sanctions specialist at the Finnish Institute of International Affairs and the Geneva International Sanctions Network.

"The speed at which this is happening is unknown to modernistic history. Russian federation is being completely decoupled from the global commercial, technological and banking communities."

Hither's the full piece:

7.12pm GMT 19:12

Russian F1 driver added to list of people sanctioned by EU

Daniel Boffey

A Formula One commuter and a Russian previously linked to a £300m mansion that is London'due south second largest house after Buckingham Palace are amid 160 individuals added to an EU sanctions list designed to squeeze Vladimir Putin's "closest circle".

Nikita Mazepin's contract with the Haas F1 squad was terminated after the invasion of Ukraine. Haas F1 was sponsored by the Russian chemical business firm Uralchem, whose general director is Mazepin's father, Dmitry Arkadievich Mazepin.

Also on the updated list is Andrey Guryev, a fertiliser Russian billionaire, revealed in 2015 to be the beneficiary of an offshore company that endemic Witanhurst, a 25-sleeping accommodation belongings in Highgate,north London.

They are among 14 oligarchs and businesspeople on an expanded listing of individuals appear on Wednesday whose avails in the Eu will exist frozen.

EU restrictive measures imposed in response to the invasion of Ukraine and earlier that to the annexation of Crimea in 2014 now utilize to more than 30 Russian businesspeople. This compares to the UK's sanctions listing, which has named just 10 oligarchs since 2014.

Here's the full story:

half dozen.48pm GMT xviii:48

We take seen some extraordinary moves in global stocks today, says Neil Wilson, chief market analyst at Markets.com.

But he likewise cautions that markets may exist getting ahead of themselves if they're optimistic nearly the Ukraine crisis, peculiarly given a Russian airstrike has reportedly hit a motherhood infirmary in Mariupol:

Badly browbeaten downwards sectors enjoying the flip but it does not await reasonable – it's like the war ended, and information technology clearly hasn't. If anything the strike on a motherhood hospital paints an ugly, dark pic of where this is going. Russia is goading Due west into no-fly zone.

The market has latched on to [Ukrainian president] Zelenskiy'due south remarks on compromising and comments from Russia'south Foreign Ministry building spokeswoman Maria Zakharova, who said the Kremlin has no intention of occupying Ukraine or overthrowing its authorities. This could be a significant shift...merely events on the ground don't match with the rhetoric for now. I remember when Macron thought he'd prevented an invasion...just words but the machines are trading the headlines.

half-dozen.21pm GMT 18:21

Rob Davies

British American Tobacco will keep selling cigarettes in Russia, defying a gathering movement amongst global brands to halt operations at that place in response to the invasion of Ukraine.

The London-based cigarette manufacturer, whose brands include Lucky Strike and Rothmans, said it would "continue to operate" in Russia, i of its key growth markets for cigarettes and heated tobacco, according to the company'due south latest annual report.

It will suspend capital investment and calibration back marketing and business activities only stopped short of following its smaller British rival, Imperial Brands, by halting its operations altogether (as covered earlier).

half dozen.05pm GMT xviii:05

Oil tumbles over 10%

Oil prices are continuing to slide, with Brent crude now down 11% or $14 at $114 per barrel.

That's a very sharp move, but still leaves oil higher than before the Ukraine invasion (which pushed Brent over $100/barrel).

Newsquawk (@Newsquawk)

Brent testing some extreme downside records, in that location's been no worse days in $ terms, and few worse in % pic.twitter.com/QrJRldomXW

March 9, 2022

Hopes that the Opec grouping could heave production could be pushing the oil toll lower.

Retuers reports that:

The United Arab Emirates (UAE) favors an oil production increase and will exist encouraging OPEC to consider higher output, the UAE's ambassador to Washington said on Midweek.

"We favor product increases and volition be encouraging OPEC to consider higher product levels," Administrator Yousuf Al Otaiba said in a statement tweeted past the UAE Diplomatic mission in Washington.

U.South. Secretary of State Antony Blinken also said on Wednesday that the UAE was giving support for increased oil production.

5.52pm GMT 17:52

Jamie McGeever (@ReutersJamie)

Update: huge reversal underway beyond markets today:

*Oil down $20 ... that'due south -xv%*

Due south&P 500 +2.5%
Nasdaq +3.5%
DAX +8%
Euro +1.7%
US 5-twelvemonth YTIPS yield +twenty bps
US 10-yr YTIPS yield +fourteen bps

March nine, 2022

five.51pm GMT 17:51

European markets all-time day in ii years

European stock markets have recorded their best session since the turmoil of the Covid-nineteen pandemic two years ago, even as the Russia-Ukraine war continues to rage.

Tthe Stoxx 600 index of leading European companies has gained 4.7%, its biggest daily gain since March 2020, as stocks recovered later heavy selling.

Car stocks gained ix.five%, while the travel sector jumped over 8% and the banking sector finished 7.5% higher.

Germany's DAX index jumped by nearly eight%, just days after falling into deport-market territory on fears the High german economy would be particularly hit by the touch on of Russian sanctions, soaring article prices, and possible disruption to energy supplies.

The mood in the markets has swung around today, and stocks are enjoying a major rally, explains analyst David Madden of Equiti Capital:

The invasion started nearly two weeks ago, and stock markets have been hammered. Yesterday, the The states appear plans to ban the purchase of Russian energy, and the Great britain are aiming to phase out oil imports from Russia as well. The fact that Western governments seem to exist carrying out an economic state of war against Russia, rather than military conflict, has helped the overall sentiment.

If the violence doesn't escalate farther, it is possible that markets will go along to stabilise. The DAX is up as a mixture of deal hunting and short covering is driving up the market. Germany's disinterestedness criterion is arguably the about exposed of the major European stock markets to the Ukraine-Russian federation situation, and now that sentiment is improving, the alphabetize is driving college.

5.31pm GMT 17:31

FTSE 100 alphabetize rallies

In the City, the FTSE index has closed 3.2% higher as investors put bated some of their feet over inflation and the economic cost of the Russia-Ukraine war.

The blue-bit share index rallied by 226 points to end at 7191 points, a strong rebound that recovers some of its recent losses.

Financial stocks rebounded, equally the drop in the oil price today reassured markets [Brent crude is now downwardly over 6% today].

Travel stocks too recovered, with British Airways parent visitor IAG gaining eleven%.

Russia-focused miners led the risers. Gold and metal producer Polymetal surged 69% from a record low yesterday afterward reporting today that its operations in Russia and Kazakhstan were not affected by the crises, while Evraz (whose stock as well tumbled when the war began) gained almost xix%.

The FTSE 100 over the last three months Photo: Refinitiv

Updated at 5.32pm GMT

5.12pm GMT 17:12

Russian households face up aggrandizement surge from slumping rouble

Richard Partington

A currency exchange shop in Moscow Photo: Vlad Karkov/SOPA Images/Rex/Shutterstock

Russian households are already beginning to feel the pinch from Western sanctions imposed afterwards Vladimir Putin's invasion of Ukraine, with economists warning that inflation in the country could reach the highest levels seen in at to the lowest degree two decades.

Official figures published by Moscow this afternoon show the collapse in the rouble led to a sharp rise in weekly consumer price inflation, highlighting the early impact from the US, Britain and the European union freezing the central bank of Russia's assets and hurting its ability to defend the currency.

Hitting ordinary Russians hard, consumer prices rose at two.ii% in the week to the 4 March - more than twice the charge per unit seen during the collapses in the rouble during the 2008 financial crisis and in 2014 when a crash in the oil cost and western sanctions imposed after Putin'south looting of Crimea striking the country.

Although officials but produce a limited breakdown, the release showed prices of new domestic cars rose 17.1% and TVs by xv% on a weekly basis.

Aggrandizement rose in February at nine.2%, showing how a squeeze on households before the invasion was already underway.

However, economists at the consultancy Capital Economics said Russian inflation could surge farther still close to 20% this year - the highest charge per unit since 2001.

Liam Peach, an emerging markets economist at Capital Economics, explains:

"The collapse in the ruble in response to the war in Ukraine and imposition of sanctions on Russian federation volition push up inflation significantly in the coming months. This will be compounded by restrictions on international merchandise and appurtenances shortages,"

"Since four March, the rouble has continued to fall and reports of disruption to Russian exports and imports take become more widespread, so this is likely to be simply the showtime of the inflation pressure feeding through."

iv.56pm GMT xvi:56

Russia "heads for 1 of biggest inflation shocks in decades"

The bound in Russia'southward inflation rate is a articulate sign of the damage being caused to its economy by the war in Ukraine.

Here'due south Bloomberg's have:

Russia is headed for one of its biggest inflation spikes this century afterwards waves of sanctions over the invasion of Ukraine touched off the collapse of the ruble and disrupted merchandise.

In the commencement full week since the military machine offensive began tardily in Feb, prices for new domestic cars soared over 17% and the cost of television sets jumped 15%. Some medicines and vegetables became 5% to 7% more expensive in the seven days ending March four.

Overall, inflation in the period reached ii.2%, co-ordinate to a study by the Federal Statistics Service on Wed, the sharpest weekly increase since it started tracking the data in 2008 and more than double the previous record. On an annual basis, price growth was 10.4% as of March four, according to the Economy Ministry.

Bloomberg (@business organisation)

Russia is headed for ane of its biggest inflation spikes this century later waves of sanctions over the invasion of Ukraine touched off the collapse of the ruble https://t.co/Xq8wY10NPi

March 9, 2022

four.52pm GMT sixteen:52

Russian inflation rate soars

Inflation in Russia has accelerated to its highest level in 7 years, as the slump in the rouble drove up the price of living.

Annual inflation in Russia accelerated to 9.15% in February from 8.73% in January, its highest in seven years, the latest official statistics show.

The price of living squeeze accelerated after the Ukraine war began. In the week to March 4th, weekly inflation rose to two.22% from 0.45% in the preceding calendar week, every bit the plummet in the currency pushed upward costs of imports.

That pushed Russian federation's almanac consumer inflation to 10.42% equally of March 4th, the economy ministry building reports.

Jake Cordell (@JakeCordell)

Russia's annual aggrandizement rate jumped to 10.4% – upwardly from 9% – in the outset week of the war in Ukraine. First large jump in what is sure to be a string of meaning cost rises and a deep hit to living standards

March 9, 2022

Jake Cordell (@JakeCordell)

Weekly inflation was 2.2%. Sounds small just that's the highest level in 24 years, according to Russia's official statistics agency.

March 9, 2022

Reuters has more details:

According to the Rosstat data released on Midweek, prices on virtually everything from staff of life to gasoline accept spiked, with cost of saccharide and cereals such every bit buckwheat - top products that Russians stockpile - showing some of the biggest increases of 20.6% and 18%, respectively.

Yet the biggest toll rise was in construction materials such as wallpaper and bathroom tiles, with prices spiking past 22.5%, indicating an increased demand to finish renovation projects amid booming costs for imported goods as the rouble was falling.

4.40pm GMT 16:forty

In the United states of america, job vacancies remained high in Jan as firms connected to struggle to hire workers.

There were 11.3 million job openings at Us firms in January, the latest JOLTS survey showed, ahead of forecast of ten.9m.

It'southward a slight drop on December'southward upwardly revised xi.45m vacancies, but suggests there were however labor shortages at the outset of this year, as the omicron variant striking the economy.

Kathy Jones (@KathyJones)

#JOLTS shows a slight refuse in quit rate simply overall job market place still looks strong. picture show.twitter.com/hZiTkitLj5

March ix, 2022

Liz Ann Sonders (@LizAnnSonders)

JOLTS task openings came in stronger for January at xi.26M vs. 10.95M est. & 11.45M in prior month (rev up from ten.93M) … quits rate dipped from 3% to ii.8% pic.twitter.com/fxVOcrhASJ

March 9, 2022

iv.24pm GMT 16:24

Pamplona to cut ties with LetterOne

Investment managing director Pamplona Upper-case letter Management is cutting its ties with LetterOne Holdings, the $22bn investment group whose largest shareholders were sanctioned past the Eu following the invasion of Ukraine.

LetterOne is one of Pamplona's limited partners, only Pamplona has decided to redeem those interests afterward concluding that the links were "increasingly challenging". It volition render the money invested in its funds past LetterOne.

LetterOne was founded by Russian billionaire oligarch Mikhail Fridman and partners, with proceeds from the sale of oil grouping TNK-BP.

Fridman and fellow oligarch Petr Aven, LetterOne'south ii biggest shareholders, were sanctioned by the EU, and stepped down from the grouping final week after their shares were frozen.

Bloomberg Asia (@BloombergAsia)

Pamplona Upper-case letter Management said it volition begin the procedure of returning money to LetterOne Holdings, a company founded past Russian billionaires https://t.co/yLD0fLmcdC

March 9, 2022

Pamplona says that once the LetterOne redemption has been carried out, information technology will take no direct or indirect exposure to whatsoever Russian uppercase.

While Pamplona has received clear guidance that LetterOne is not a sanctioned entity, the ongoing crisis in Ukraine makes such relationships increasingly challenging for our portfolio companies, their management teams, customers, employees, and counterparties throughout Europe and the rest of the world.

Any such redemption will exist conducted in an orderly fashion and in accordance with every appropriate regulatory and counterparty consent.

On Monday, three more Russian billionares resigned from LetterOne's board, with the visitor likewise pledging a $150m donation to "support the urgent work under way to help those afflicted past the state of war in Ukraine".

Updated at 5.38pm GMT

three.11pm GMT 15:11

Wall Street opens higher equally oil drops

The New York stock markets has opened higher, following Europe'due south atomic number 82, as stocks recover some of their recent losses.

The Dow Jones industrial average of 30 large US companies is up two%, or 649 points, at 33,281.

The broader S&P 500 index has gained 2.ii%, with travel companies, fiscal stocks, tech companies and consumer goods and service providers rallying. On Mon nighttime, the Wall Street benchmark had sunk to its lowest endmost level since June 2021, equally the Ukraine crisis connected to stone markets.

Today, there's relief that oil prices accept extended their earlier losses, with U.s. rough downward 4.6% at $118 per barrel, and Brent crude 5% lower at $121.30 per barrel.

Marketplace News🇱🇰 (@MarketNewsLK)

Oil (Brent Crude) eased to around $120 a barrel after soaring above $132#Oil #Oilprices #Rough pic.twitter.com/d84CCiVsP9

March 9, 2022

European stock markets are holding their gains also. The baddest FTSE 100 still upwards over ii%, even every bit oil stocks and miners reject as commodity prices ease.

Douglas Fraser✒️🎥🎙 (@BBCDouglasF)

Markets today mopping up some of their recent barm, though energy withal very costly:
Brent crude oil -4% to $122 per butt
Natural gas spot -22% to 400p per therm
Eu and Uk stock markets up strongly: FTSE350 +3.2%, Frankfurt +v.4%, Paris +four%

March nine, 2022

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Source: https://www.theguardian.com/business/live/2022/mar/09/russian-bond-default-fitch-sanctions-oil-companies-ftse-dax-business-live

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