- China posts slowest growth in over a year as property woes drag
- Asian markets swing as China economic growth slows
- Pogba's shadow looms over Juve as revitalised Lazio come to town
- 'Unbelievable' Raphinha leading Barca into tricky triple-header
- In-form Marmoush and Frankfurt hope to tackle history at wounded Leverkusen
- Britain's Lammy in China to 'challenge' Beijing on Russia support
- Manila's car counters help address 'world's worst traffic'
- British racing attendances falling behind, says Qatar Racing's manager
- Rain forces cancellation of opening practice for Australian MotoGP
- Dupont 'beyond surprise' for Toulouse's Kinghorn
- Drought forces Big Tech to rethink thirsty LatAm data centers
- Countries under pressure to fork out for nature at UN conference
- Biden, allies in Berlin to renew Gaza truce call after Hamas leader killed
- Guardians rally to fry Yankees in 10 innings in MLB playoff thriller
- World Bank president focused on job creation ahead of annual meetings
- World Bank chief says lender's climate goals likely safe under Trump
- Japan's core inflation rate slows in September
- Israel PM says killing of Hamas chief 'beginning of the end' of Gaza war
- King Charles set to arrive in Australia for landmark tour
- Nadal defeated by 'animal' Alcaraz in Saudi Arabia as career nears end
- US Supreme Court denies stay of execution to Texas man in 'shaken baby' case
- US charges Indian agent over alleged plot to kill Sikh separatist
- Musk stumps for Trump in key US swing state
- TikTok, Facebook approve ads with US election disinformation, study says
- Purdy and 49ers face Chiefs in Super Bowl rematch
- Kenya deputy president ousted in historic impeachment
- Israel military says Sinwar killed in firefight while tracked by drone
- One Direction members 'devastated' by Liam Payne's death
- Norris shrugs off Red Bull 'trick' of the trade at US Grand Prix
- Global stocks climb as ECB cuts rates and tech rebounds
- Chelsea, Lyon ease to wins in Women's Champions League
- China expected to post slowing growth as economic woes drag
- Yamasaki brings keirin world title home as Japan takes two track golds
- Netflix adds millions of subscribers but growth slows
- 'Deeply misguided' to wall US off with tariffs: Yellen
- Biden farewell visit to Berlin focused on Ukraine, Mideast wars
- EU leaders urge new laws to speed up migrant returns
- Sinwar killing a blow to Hamas but impact on war uncertain
- Mitzi Gaynor, star of 'South Pacific,' dies aged 93
- Trump says Zelensky 'should never have let' Ukraine war start
- Harris woos undecided voters as Trump riles critics over Ukraine
- Hayes turns focus to US women's World Cup goal
- Zelensky seeks EU, NATO backing for 'victory plan'
- Bosch stuns Australia as South Africa reach Women's T20 World Cup final
- What we know about One Direction star Liam Payne's death
- Nicotine pouches rise in popularity as US youth tobacco use hits 25-year-low
- Mendis clinches Sri Lanka series win over West Indies
- Israel says killed Hamas chief Sinwar in Gaza
- Panel urges Secret Service shake-up after Trump assassination bid
- Trump, Harris back on friendly ground after tough interrogations
CMSD | -0.52% | 25.02 | $ | |
SCS | 0.53% | 13.21 | $ | |
NGG | -1.41% | 67.19 | $ | |
CMSC | -0.52% | 24.79 | $ | |
BCC | -3.38% | 142.2 | $ | |
RIO | -1.32% | 65.09 | $ | |
RBGPF | 0.69% | 60.92 | $ | |
BTI | -1.22% | 35.37 | $ | |
BP | 1.25% | 31.32 | $ | |
RELX | 0.91% | 48.59 | $ | |
GSK | -0.64% | 38.96 | $ | |
BCE | 0.03% | 33.49 | $ | |
VOD | -1.23% | 9.73 | $ | |
JRI | -0.15% | 13.15 | $ | |
RYCEF | 0.68% | 7.4 | $ | |
AZN | -0.37% | 78.02 | $ |
Oil extends rally as EU proposes more Russia sanctions
Oil prices jumped further Tuesday as the European Union proposed further sanctions against major crude producer Russia in response to killings in the Ukrainian town of Bucha that have prompted international condemnation.
Elsewhere, European and US stocks were mostly lower, while Asian equity markets rose. The dollar was mixed versus major rivals.
Oil rising again "is bad news for corporates looking to manage cost pressures, and for consumers already struggling to stomach higher energy bills", noted Russ Mould, investment director at AJ Bell.
While countries in Europe -- particularly Germany -- rely heavily on energy from Russia, the possibility of an oil embargo sent both main crude contracts sharply higher Monday.
In the end the EU didn't target oil, instead calling for sanctions on coal and shipping.
But Brent North Sea and WTI oil continued their rise on Tuesday, helping paring some of the sharp losses seen Friday in reaction to a pledge by Washington and other major economies to unleash millions of barrels from their stockpiles to keep a lid on prices, which are fanning already high inflation.
The additional EU sanctions came days after dozens of bodies were found on the streets in Bucha, northwest of Kyiv, though some countries remain worried of the potential economic fallout.
Ukrainian President Volodymyr Zelensky blames Russian troops for the killings, but the Kremlin has denied responsibility.
White House National Security Advisor Jake Sullivan signalled more US sanctions were on the way this week.
The US Treasury said Tuesday said that the United States will bar Russia from making debt payments using funds held at American banks, to ramp up the economic pain on Moscow.
Wall Street opened moderately lower after posting strong gains Monday despite continued uncertainty caused by the war in Ukraine.
But market analyst Patrick J. O'Hare at Briefing.com said investors were concerned that the rally by stocks off March lows won't last.
Investors "will be battling the idea that further upside will be harder to come by given an existing backdrop that includes rising interest rates, persistently high inflation pressures around the globe, and Russia's continued attack on Ukraine," he said.
Traders will be keeping a close eye on the release this week of minutes from the Federal Reserve's most recent policy meeting, hoping for an insight into officials' thinking over future monetary policy.
After the Fed's expected quarter-point interest rate hike last month, there are increasing bets on a half-point lift in May in light of soaring inflation and strong jobs data that suggest the US economy remains robust enough to absorb higher borrowing costs.
- Key figures around 1330 GMT -
Brent North Sea crude: UP 0.6 percent at $108.21 per barrel
West Texas Intermediate: UP 0.7 percent at $104.02 per barrel
London - FTSE 100: UP 0.2 percent at 7,570.62 points
Frankfurt - DAX: DOWN 0.6 percent at 14,429.87
Paris - CAC 40: DOWN 1.6 percent at 6,626.82
EURO STOXX 50: DOWN 0.8 at 3,921.07
New York - Dow: DOWN 0.3 percent at 34,835.12
Tokyo - Nikkei 225: UP 0.2 percent at 27,787.98 (close)
Hong Kong - Hang Seng Index: Closed for a holiday
Shanghai - Composite: Closed for a holiday
Euro/dollar: DOWN at $1.0960 from $1.0978 late Monday
Pound/dollar: UP at $1.3146 from $1.3114
Euro/pound: DOWN at 83.38 pence from 83.65 pence
Dollar/yen: UP at 122.82 yen from 122.78 yen
burs-rl/raz
A.Gasser--BTB