ECONOMY & MARKETS

U.S. stocks rose in volatile trading on Tuesday, with investors evaluating fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.

With crude oil surging past $125 a barrel, oil company executives called on Tuesday for more favorable global government energy policy to help the industry resolve the supply crisis that has deepened since Russia's invasion of Ukraine.

Palladium attempted to consolidate off an all-time peak in volatile trading on Tuesday as the Russia-Ukraine crisis fuelled worries of a supply squeeze of the metal, while safe-haven gold also powered past the key $2,000 level.

European shares slipped on Tuesday, as the United States banned Russian oil imports, raising volatility and fears of global stagflation, and offsetting a recovery in financial stocks.

Shares in German utility Uniper gave up earlier gains to close flat after the group signalled an exit from Russia and wrote down its exposure to the Nord Stream 2 pipeline, key areas of investor concern since Moscow's invasion of Ukraine.

Global share markets edged higher on Tuesday as oil prices climbed yet further, driven by the United States banning Russian oil and other energy imports over Moscow's invasion of Ukraine.

Global share markets slid lower on Tuesday as oil remained near record highs after the United States banned Russian oil and other energy imports, stoking volatility and concerns about inflation.

Japan's bank lending rose at the slowest increase in a decade in February as immediate pressure for corporates to borrow cash continued to ease amid a broader economic recovery from the pandemic slump.

Japan recorded its largest current account deficit since the start of 2014 in January as a jump in oil import costs offset gains in investment income, with continuing uncertainty due to the Ukraine crisis and COVID-19 pandemic.

OPEC has no control over the events that have led to the run up in global oil prices and there is not enough capacity worldwide to compensate for the loss of Russian supply, OPEC Secretary General Mohammad Barkindo said on Monday.

Canada's main oil-producing province Alberta will drop its provincial fuel tax to give consumers some relief from soaring energy prices, Premier Jason Kenney said on Monday, as he also urged the United States to revive the cancelled Keystone XL (KXL) oil pipeline.

Brazilian President Jair Bolsonaro on Monday threw his weight behind measures to tamp down domestic fuel prices after the Ukraine conflict sent oil prices to their highest levels since 2008, adding to pressure on state-run oil company Petrobras.

The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008.

The Biden administration is threatening to add companies to a trade blacklist if they skirt new export curbs against Russia, as it ramps up efforts to keep a vast array of technology out of the country after it invaded Ukraine last month.

Global financial conditions are at their tightest since early 2016, driven by soaring energy prices, sliding stocks and market turmoil stemming from Russia's invasion of Ukraine.

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.