ECONOMY & MARKETS

The top U.S. lawmakers on trade matters on Monday announced a plan for legislation to ban the import of Russian energy products and suspend normal trade relations with Russia, according to a statement from the bipartisan group.

European Union leaders will agree at a summit this week to phase out the EU's dependency on imports of Russian gas, oil and coal, a draft statement showed, marking a turning point in its policy towards Moscow prompted by Russia's invasion of Ukraine.

Russia's invasion of Ukraine is a "big wake up call" for European governments hoping to balance the need for fossil fuels with environmental concerns, the head of French energy giant TotalEnergies said on Monday.

It will be years before the full impact of Brexit on Britain's financial sector is fully known as more activity could leave London for the bloc or other centres like New York, Bank of England Deputy Governor Jon Cunliffe said on Monday.

The London Bullion Market Association (LBMA) said on Monday it had suspended its accreditation of six Russian precious metals refiners, meaning they will no longer be able to sell gold and silver in the London market, the world's largest.

Russia's invasion of Ukraine has dashed any hope U.S.

With inflation at a four-decade high, a U.S. government report shows corporate America has used its clout in the labor market to keep wages 20% lower than they should be, the White House said on Monday.

Real yields in the U.S. Treasury market have gone even more negative as inflation surged, which is typically viewed as a positive factor for stocks, but Russia's invasion of Ukraine has placed more emphasis on shedding risk than on the possibility of getting higher returns on Wall Street.

As Emmanuel Macron launches his campaign for a second term in April's presidential election, he can count on an economic boom that French voters have not seen the likes of in a generation to boost his bid.

The United States is willing to move ahead with a ban on Russian oil imports without the participation of allies in Europe, two people familiar with the matter told Reuters, in light of Russia's invasion of Ukraine.

Palladium eased off a record high on Monday after Russian and Ukrainian officials held a third round of ceasefire talks, prompting some investors to lock in profits from a blistering rally.

Palladium shot to an all-time high as Russia's invasion of Ukraine and resultant sanctions stoked fear of scarcity, while gold tested the psychological $2,000 mark in response to demand for safe-haven assets.

Palladium prices have rocketed 80% this year to all-time highs as financial sanctions on Russia, which produces 25-30% of global supply, disrupt shipments and worsen a supply shortage.

U.S. stock indexes tumbled more than 1% on Monday as the prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about spiraling inflation.

U.S. stocks were set to open lower 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.

Wall Street's main indexes fell sharply on Monday, weighed down by declines in megacap growth names and financial shares, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about rising inflation.

Wall Street's main indexes fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about rising inflation.

The European Union is considering loosening state aid rules for companies affected by EU sanctions against Russia over Ukraine and the bloc's competition regulators are looking at various support measures, the European Commission said on Monday.

Global bank stocks fell on Monday as depressed U.S.

Global financial stocks tumbled on Monday on mounting investor fears about the potential for economic damage and pressure on consumer spending as the price of oil soars following Russia's invasion of Ukraine.

Palladium shot up to an all-time high as Russia's invasion of Ukraine and resultant sanctions stoked fear of scarcity, while gold tested the psychological $2,000 mark in response to demand for safe-haven assets.

Commodity prices went on the rampage on Monday as industrial buyers and traders scrambled to source raw materials hit by supply disruptions caused by Russia's invasion of Ukraine.

Oil-and-gas leaders advocated at an industry conference on Monday for increased security of energy supply and more fossil fuel production, while the U.S.

Oil-and-gas leaders advocated at an industry conference on Monday for a combination of more fossil fuel production and renewable energy sources to reduce reliance on places like Russia as oil prices soared following that nation's invasion of Ukraine.

The euro tanked more than 1% versus the dollar on Monday and was on track for its biggest three-day loss in two years as soaring oil prices stoked fears of a stagflationary shock that could hammer European recovery hopes.

The U.S. dollar reversed almost all of its earlier gains while the euro found itself on a steadier footing on Monday as oil prices retreated from highs reached as the United States and Europe considered banning Russian crude.

The U.S. dollar rose on Monday, lifted by safe-haven flows, as investors weighed the effects on global economic growth of oil prices that hit 14-year highs after the United States and European allies considered banning Russian crude imports.

The European Central Bank will wait until the last months of this year for its first interest rate rise in over a decade, with fewer economists in a Reuters poll taken after Russia's invasion of Ukraine now expecting an earlier move.

U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies.