Oil prices soared more than 10% in hectic trading on Monday as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets.
The euro extended its slide and commodities of all stripes were on the rise as the Russian-Ukraine conflict showed no sign of cooling. Russia calls the campaign it launched on Feb. 24 a "special military operation", saying it has no plans to occupy Ukraine.Register now for FREE unlimited access to Reuters.comThe potential blow to global economic growth saw S&P 500 stock futures drop 1.1%, while Nasdaq futures shed 1.4%.
He estimates the loss of Russia's 5 million barrels could see oil prices double to $200 a barrel and lower economic growth globally. That will only add to the global inflationary pulse with U.S. consumer price data this week expected to show annual growth at a stratospheric 7.9%, and the core measure at 6.4%."Given the potential for stagflation is very real, the ECB is likely to maintain maximum flexibility with its asset purchase programme at 20 billion euros through Q2 and potentially beyond, thus effectively pushing out the timing of rate hikes," said Tapas Strickland, an economist at NAB.
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