Wall Street's main indexes were set to open lower on Thursday after data showed consumer prices in February surged as expected, cementing the case for an interest rate hike by the Federal Reserve later this month.
Wall Street's main indexes were set to bounce back on Wednesday after four straight sessions of losses as oil prices eased and investors snapped up stocks hammered by concerns over Western sanctions on Russia following its invasion of Ukraine.
U.S. stocks surged on Wednesday, with the tech-heavy Nasdaq jumping over 3%, rebounding from several days of declines as oil prices pulled back sharply and investors gauged developments in the Ukraine crisis.
Gold and palladium on Wednesday hit the brakes on a blistering rally as riskier assets attempted a comeback, with analysts predicting another run higher for precious metals in case of a further escalation in the Ukraine crisis.
An oil-driven inflation shock triggered by the war in Ukraine is forcing Asia's policymakers to rethink their assumptions for 2022, with the risks of weak growth coupled with surging prices adding unwanted complexity to monetary setting plans.
The euro and other European currencies edged up on Wednesday ahead of this week's central bank meeting and supported by reports that the European Union was discussing joint bond issuance to finance energy and defence spending.
The euro gained more than 1% against the dollar on Wednesday as risk appetite returned to financial markets and commodity prices eased from recent peaks that were driven by Russia's ongoing invasion of Ukraine.
The euro gained more than 1% against the dollar on Wednesday as risk appetite returned to financial markets and commodity prices eased from recent peaks that were driven by Russia's ongoing invasion of Ukraine.
The euro rose on Wednesday, briefly nearing $1.10, supported ahead of this week's European Central Bank meeting by reports that European Union countries were discussing joint bond issuance to finance energy and defence spending.
German shares vaulted almost 8% to lead strong gains across European stocks markets on Wednesday, as investors picked up beaten-down stocks following a rout sparked by fears about the fallout from the Ukraine crisis.
Developing countries should not have to target renewable energy sources and turn away from fossil fuels, Nigerian and Equatorial Guinea energy officials said on Wednesday, joining other emerging oil-producing nations reluctant to embrace the global energy transition trend.
Energy industry leaders said the burgeoning energy crisis is perhaps more dire for Europe's natural gas market than its crude oil imports, due to the continent's dependency on Russia and as prices have been sky-high for months.
The crisis in Ukraine is giving the Bank of Japan a headache not facing other major central banks, forcing it to maintain a more dovish stance on monetary policy despite rising inflationary pressures and a dearth of tools to combat another economic downturn.
Oil prices plunged over 17% on Wednesday after the United Arab Emirates said the OPEC member would support boosting supply into a market in disarray because of supply disruptions caused by sanctions imposed on Russia after it invaded Ukraine.
Global oil prices fell on Wednesday by the most in nearly two years after OPEC member the United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine.
Global stock markets rallied in Europe and North America on Wednesday after three straight days of selling, and oil prices retreated from the peaks scaled over the last week as investors digested the news of Russian oil import bans.
Global stock markets rallied in Europe and North America on Wednesday after three straight days of selling, and oil prices retreated from the peaks scaled over the last week as investors digested the news of Russian oil import bans.
China's factory inflation in February eased to the slowest annual pace in eight months, but analysts expect a pick-up in the coming months from surging prices of global commodities including oil, challenging policy-making to support the economy.
The euro took a breather on Wednesday ahead of this week's central bank meeting, while commodity currencies eased from recent peaks as investors reckoned war-driven surges in energy, grains and metals could end up crimping demand in the long run.
Wild swings in the prices of oil, metals and other raw materials generated more margin calls at trading firms on Tuesday, heightening worries that the volatility in commodities could spill over into broader markets as the war in Ukraine escalates.
U.S. officials have demanded Venezuela supply at least a portion of oil exports to the United States as part of any agreement to ease oil trading sanctions on the OPEC member nation, two people close to the matter said.
Middle Eastern and Chinese sovereign wealth funds are likely to avoid new deals in Russia for now after its invasion of Ukraine, said the author of a report published on Wednesday that showed record investment last year by funds around the world.
Japan's economic rebound was softer than initial estimates in the final quarter of 2021, revised data showed on Wednesday, as the pickup seen in consumer and business spending was weaker than first reported.
Plummeting stocks, soaring commodity prices and tightening global financial conditions following Russia's invasion of Ukraine are clouding the outlook for markets already unsettled by the prospect of a hawkish Federal Reserve.
Refining profits, or margins, from turning crude oil into products such as gasoline and diesel are ballooning, and could surge further after the United States, the world's top oil consumer, on Tuesday banned all Russian oil imports in retaliation of Moscow's invasion of Ukraine.
The London Metal Exchange (LME) took emergency measures to halt trading in nickel on Tuesday as prices doubled to more than $100,000 a tonne.
The London Metal Exchange (LME) took emergency measures to halt trading in nickel on Tuesday as prices doubled to more than $100,000 a tonne.
Gold on Tuesday extended its blistering rally towards an all-time high as investors made a beeline for the traditional safe haven on mounting fears about the Ukraine crisis and the impact of a possible ban on Russian oil by the United States and Britain.
Britain will phase out imports of Russian oil and oil products by the end of 2022 and consider banning its natural gas, joining other countries, including the United States, in a move to punish Moscow over the invasion of Ukraine.
Already struggling with rising living costs, Europeans now face an even deeper hit to their livelihoods as the conflict in Ukraine pushes fuel and food prices higher and threatens to undermine a fragile economic recovery.
