- Maresca has 'no doubt' in Jackson as Chelsea's number nine
- EU chief announces 35 bn euro loan plan for Ukraine before winter
- From TikTok to Hollywood, the irresistible rise of Italy's Khaby Lame
- Verstappen punished for swearing in Singapore press conference
- Sri Lanka lead by 202 in first New Zealand Test
- Brook 'not too fussed' by England's batting in heavy Australia loss
- India's Ashwin 'happy' to embrace pressure
- A modern 'Trojan Horse': two days of mayhem in Lebanon
- Third of Burundi mpox cases in children under five: UN
- Man Utd appoint Foster + Partners to develop Old Trafford 'masterplan'
- Israel-Hezbollah exchanges intensify on Lebanon border
- French mayor sorry for 'no one died' remark over mass rape trial
- Mohamed Al-Fayed, outsider shunned by British high society
- Lawyers say 'monster' late Harrods owner abused dozens of women
- India in box seat after Bumrah takes four against Bangladesh
- Taiwan retains death penalty but limits use to 'exceptional' cases
- Ferrari's Leclerc sets early pace in Singapore ahead of Norris
- 10 years into Huthi rule, some Yemenis count the cost
- France poised to finally get new govt
- Kompany, Alonso call for action on player workload amid strike talks
- Liverpool goalkeeper Alisson doubtful for Bournemouth clash
- Bumrah takes four as India bowl out Bangladesh for 149
- Sri Lanka 134-1 to take upper hand in first New Zealand Test
- Bayern's Kompany calls for game cap for players amid strike talks
- Christie's expands Hong Kong footprint in hope of art market 'pickup'
- Sultry screen legend Sophia Loren turns 90
- Cambodian opposition figure in court on incitement charge
- Bumrah takes three wickets to have Bangladesh in trouble at 112-8
- Kimchi threat as heatwave drives up South Korea cabbage prices
- UK economic data delivers fresh blow to new govt
- China to 'gradually resume' seafood imports from Japan after Fukushima ban
- India minister blames dam release for flooding
- O'Rourke strikes early for Kiwis as Sri Lanka trail by three
- Deep takes two as Bangladesh totter in reply to India's 376
- Israel pounds Lebanon's Hezbollah after device blasts
- Revolution or mirage? Controversy surrounds new Alzheimer's drugs
- Ashwin's 113 powers India to 376 in Bangladesh Test
- Biden opens home to 'Quad' leaders for farewell summit
- Sally Rooney returns with 30-something questions
- Wallabies sense 'massive' chance to upset All Blacks
- Taiwan questions two in probe into Hezbollah pagers
- Viral Korean Olympic shooter scores first acting role as assassin
- Farrell set for 'challenge' of downing Bordeaux in Top 14
- Springbok Etzebeth diverts attention from looming caps record
- Inter on a high ahead of Milan derby as Napoli face Juve test
- Bank of Japan leaves key interest rate unchanged
- Arnold quits after six years in charge of Australia
- Asian markets track Wall Street record to extend global rally
- Guirassy and Anton to return to Stuttgart with new side Dortmund
- Marseille bidding to continue 'almost perfect' Ligue 1 start
RBGPF | 5.79% | 60.5 | $ | |
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GSK | -1.07% | 41.18 | $ | |
SCS | -1.91% | 13.06 | $ | |
CMSD | 0.12% | 25.01 | $ | |
AZN | -0.68% | 78.37 | $ | |
RELX | -0.02% | 48.12 | $ | |
RYCEF | -0.29% | 6.93 | $ | |
BCE | 0.03% | 35.2 | $ | |
BP | -0.58% | 32.57 | $ | |
VOD | -0.15% | 10.045 | $ | |
BTI | -0.51% | 37.38 | $ |
Stocks recover, oil drops on Russia sanctions impact
Stock markets mostly rose and oil prices fell Wednesday as economic sanctions imposed on Moscow over the Russia-Ukraine crisis were deemed less harsh than expected.
Brent crude stood at $93.50 per barrel, having soared to a seven-year high of $99.50 Tuesday on fears of disruptions to key Russian oil supplies.
Other commodities have also hit multi-year peaks on fears of all-out war.
"Market mood is not cheerful but the softer-than-feared sanctions somewhat help," SwissQuote analyst Ipek Ozkardeskaya noted Wednesday.
Trading floors remain on edge, with Ukraine mobilising its military reserve and urging its citizens to leave Russian territory as Moscow sharpened its demands, increasing fears of all-out war.
Russian President Vladimir Putin has defied an avalanche of international sanctions to put his forces on stand-by to occupy two rebel-held areas of eastern Ukraine.
Sanctions include moves against Russian banks, cutting the country off from Western financing by targeting Moscow's sovereign debt, and penalising oligarchs and their families who are part of Putin's inner circle.
US and allies including Britain have warned of further sanctions should Putin extended his country's military grip beyond the two territories in the eastern Donbas region.
So far the sanctions were not as bad as markets had feared -- crucially with none aimed at Russia's crude exports -- providing some much-needed breathing room for investors and halting the surge in oil prices that has seen both main contracts pile on more than 20 percent so far this year.
Germany has though halted certification of the Nord Stream 2 gas pipeline from Russia.
- 'Considerable risk' -
"There's still considerable risk that oil prices may surge above $100 a barrel" if the situation escalates, said Vivek Dhar at Commonwealth Bank of Australia.
"Oil markets are particularly vulnerable at the moment given that global oil stockpiles are at seven‑year lows."
Dhar added that spare oil capacity among the Organization of the Petroleum Exporting Countries and its allies, including Russia, was "being questioned due to disappointing OPEC+ supply growth".
The crisis comes with investors preparing for a series of interest rate hikes by the US Federal Reserve as it tries to rein in 40-year-high inflation.
Commentators said that while a March hike is baked in, forecasts for further increases this year are being affected by events in Europe as officials try to assess the impact on the economy.
"Markets will likely bubble along sideways now until we see Mr Putin's next move," forecast Jeffrey Halley, analyst at OANDA trading group.
- Key figures around 1200 GMT -
London - FTSE 100: UP 0.3 percent at 7,519.10 points
Frankfurt - DAX: UP 0.6 percent at 14,784.88
Paris - CAC 40: UP 1.0 percent at 6,852.37
EURO STOXX 50: UP 0.9 percent at 4,020.66
Hong Kong - Hang Seng Index: UP 0.6 percent at 23,660.28 (close)
Shanghai - Composite: UP 0.9 percent at 3,489.15 (close)
New York - Dow: DOWN 1.4 percent at 33,596.61 (close)
Tokyo - Nikkei 225: Closed for a holiday
Brent North Sea crude: DOWN 0.2 percent at $93.66 per barrel
West Texas Intermediate: DOWN 0.5 percent at $91.44 per barrel
Euro/dollar: UP at $1.1345 from $1.1330 late Tuesday
Pound/dollar: UP at $1.3595 from $1.3588
Euro/pound: UP at 83.44 pence from 83.35 pence
Dollar/yen: UP at 115.09 yen from 115.08 yen
O.Lorenz--BTB