By Florence Tan and Gavin Maguire SINGAPORE (Reuters) -Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers. Brent crude topped $112 a barrel on Wednesday, the highest since…
Are you thinking about doing any home renovations? You may want to get a quote from a contractor first as prices continue to skyrocket. Would you be better off placing that money in the companies that are selling the materials to these contractors? Today, we review the two behemoths in this space. The pandemic represented…
By Tim Hepher and Nick Carey (Reuters) -From Canada Goose parkas and the latest iPhone to spare parts for aircraft engines and even some of the planes themselves – the list of goods, consumer and industrial, that will no longer be sold in Russia is growing longer with every day. Some of the biggest Westerns…
By David Gaffen NEW YORK (Reuters) -Oil relentlessly marched higher beyond $110 a barrel on Wednesday, responding to a flood of divestment from Russian oil assets by major companies and expectations that the market will remain short of supply for months to come. The market’s surge has been dramatic, with global benchmark Brent crude gaining…
By Devik Jain and Sabahatjahan Contractor (Reuters) -U.S. stock indexes rallied more than 1% on Wednesday as Federal Reserve Chair Jerome Powell signaled the central bank would start raising rates this month, although at a steady pace in the wake of the ongoing Ukraine crisis. Powell’s comments, at a testimony to the U.S. House of…
MOSCOW (Reuters) – Annual consumer inflation in Russia accelerated to 9.05% as of Feb. 25 from 8.84% a week earlier, the economy ministry said on Wednesday, climbing further above an official 4% target. Weekly inflation rose to 0.45% from 0.24% in the preceding week, data from the statistics service Rosstat showed separately on Wednesday. Inflation…
By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) -The Federal Reserve will move forward with plans to raise interest rates this month to try to tame high inflation, but the outbreak of war in Ukraine has made the outlook “highly uncertain” for U.S. central bank policymakers as they plan their next steps, Fed Chair Jerome…
By Tom Wilson LONDON (Reuters) – Some of the world’s biggest cryptocurrency exchanges are staying put in Russia, breaking ranks with mainstream finance in a decision that experts say weakens Western attempts to isolate Moscow following the invasion of Ukraine. Western sanctions, which aim to squeeze Russia’s economy and sever it from the global financial…
By Karin Strohecker LONDON (Reuters) – With much of Moscow’s $640 billion reserves under lock and key in the West and sanctions crippling cross-border capital flows, investors fear Russia may be heading for its first ever default on sovereign hard currency debt. On Wednesday, foreign investors were effectively stuck with their holdings of rouble-denominated bonds…
By Noah Browning LONDON (Reuters) -Oil prices surged on Wednesday as supply disruptions mounted following sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by nearly $9, touching a peak of $113.94 a barrel, the highest since June…
