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Yesterday we woke up to the bleak news that Russia had invaded Ukraine. today we are expecting Russian tank attack on its capital Kiev, An adviser to Ukraine’s interior minister said it could turn out to be the toughest day of the war.
Russian troops are advancing on Kiev and Ukrainian President Volodymyr Zelensky urged the international community to do more, saying the sanctions announced so far were not enough. An estimated 100,000 people have fled explosions and gunfire in major cities, and dozens are reported to have been killed, according to Reuters.
You can follow the latest on our Ukraine Live blog here:
Ukrainian officials are furious that European leaders have stopped imposing potentially the most damaging sanctions on Russia, blocking Russia from an international payment system through which it receives foreign currency.
However, other new restrictions have been imposed by the UK, US, EU and other countries.
The UK has frozen assets and imposed travel restrictions on 11 businesses, including eight designated individuals and six banks. Hundreds more people sitting at Dumas in Russia will also face sanctions.
Michael Hewson, Chief Market Analyst, CMC Markets UK, said:
While the sanctions to be imposed are on a much stronger scale than any previously announced, they are not enough to change Putin’s calculus in the short term, given that Russia’s energy market, along with other major exports, and Swift Access was abandoned.
This perhaps helps explain why US markets reversed course after European markets closed, ending the day strongly, with the Nasdaq 100 up more than 3%, down 3%. Just a few hours after it happens, immediately after the market opens .
A rise in oil prices to $105 a barrel yesterday also proved short-lived, as prices fell after it became clear that approval for Russian energy exports was also off the table for the time being, though prices still rose, along with Brent. Returned to above $100 a barrel, while agricultural commodities such as corn and wheat also continued to rise.
asian stock Most bounced back from the previous day’s losses: Japan’s Nikkei closed nearly 2% higher, while South Korea’s Kospi was down 1% and Hong Kong’s Hang Seng was down 0.5%. European market It is expected to open with gains after yesterday’s heavy losses.
While the stock markets appear calm, wheat prices Food prices have jumped to the highest level since 2008, threatening to raise food prices. Ukraine is a major wheat exporter and is known as the bread basket of Europe. Russia and Ukraine together supply a third of the world’s wheat.
Wheat futures in Chicago rose 2.8% to $9.6075 a bushel in early Asian trade yesterday, compared to the maximum allowed by the exchange yesterday, while corn and soybeans also edged higher, Bloomberg reported. Corn rose 1.2% to $6.9825 per bushel and soybeans were up 0.8%.
crude oil Yesterday is trading at $101.98 a barrel, up 2.9%, after touching $105 for the first time since August 2014. US light crude is up 2.6% at $95.21 a barrel.
SleepA safe investment, continuing to climb, rose 0.7% to $1,916 an ounce.
Russian ruble There has been some correction after hitting a record low of 89.60 against the dollar yesterday. It has increased by almost 2% to 83.60.
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