June 9, 2023


News Headlines: Hindustan Times provides exclusive top stories of the day, today headlines from politics, business, technology, photos, videos, …

Oil prices fall, stocks rebound as West punishes Russia with ‘modest’ sanctions

Oil prices fall, stocks rebound as West punishes Russia with 'modest' sanctions
European shares rose in early trade after the West kept its strictest sanctions in reserve in a bid to deter further aggression by Moscow. The FTSE 100 (UKX) Added 0.6% in London, Germany Dax 30 (Dax) By 1.3% and France CAC 40 (CAC 40) It jumped 1.6%.
In Asia and Hong Kong Hang Seng Index (HSI) Up 0.6% after that It fell 2.8% on Tuesday Her biggest daily loss in five months. China Shanghai Composite Index (schcombe) It rose 0.9%. The Japanese stock market was closed for a holiday.
daw (INDU) Futures rose 235 points, or 0.7%. Standard & Poor’s 500 (INX) And the Nasdaq (COMP) Futures are up 0.8% and 1.1%, respectively.
Oil prices fell. US crude futures fell 0.8% to $91.14 a barrel, while Brent crude fell 0.7% to $96.15 a barrel. Both receivers jump on tuesday With the escalation of the Ukraine crisis.
Biden offered on Tuesday what he called The “first tranche” of US sanctions Against Russia, including two financial institutions, Russian sovereign debt, Russian elites and their family members.
“This is the beginning of an invasion, and therefore this is the beginning of our response,” A senior official in the US administration said. “If Putin continues to escalate, we will further escalate using both financial sanctions and export controls, which we haven’t revealed yet,” he added.
Other Western countries have also announced retaliatory measures against Russia, with Germany on Tuesday halting ratification of the controversial order Nord Stream 2 . pipelineBuilt by Gazprom to transport natural gas directly from Russia to Germany.

“Punitive measures on Russia may be seen as less aggressive than anticipated, and some forecasts point to a standstill for the time being,” Yeap Jun Rong, a market analyst in Singapore for IG Group, wrote in a research note on Wednesday.

See also  Oil is falling ahead of the OPEC + and US Federal Reserve meetings

He noted that the “most severe” impact of the sanctions could come from the sovereign debt sanctions, which effectively cut off Russia from Western financing. But other sanctions on state-owned banks and Russian elites appear to be considered “relatively modest” by the markets.

“However, the situation remains highly volatile and uncertain, and any negative news flow could potentially disrupt markets,” Yip added.

Wednesday’s rally was in sharp contrast to the previous trading day, when Global stock markets fell Crude oil prices soared to $99 a barrel after Russia ordered troops into parts of eastern Ukraine. The Dow closed nearly 483 points, or 1.4%. The S&P 500 finished the day 1% lower, and entered a correction – defined by a 10% drop from its recent high. The Nasdaq index fell 1.2 percent.

Kevin Liptak contributed to this report.