The impact of the war in Europe on markets has been far-reaching, driving up the prices of everything from oil and gas to nickel and aluminum.
But the conflict in Ukraine – often dubbed the “breadbasket of Europe” – is also threatening supermarket prices.
Wheat hit its highest level since 2008, while corn and soybean prices are also up as supplies could be disrupted.
Price increases will add further inflationary pressures and threaten to intensify the cost of living crisis.
5 things to start your day
1) Vaccine success lays the foundation for Britain to become a global health leader UK’s agility in Covid trials proves it has potential to be a hub for medtech
2) Elon Musk and his brother face insider investigation over Tesla stock sale Electric carmaker chief says he’s ‘building a case’ against US regulator
3) BP under pressure to drop stake in Russia’s Rosneft MPs urge energy giant FTSE to shed its decade-old stake in a company run by Putin’s right-hand man
4) Nearly $200 billion wiped out Moscow stocks in fifth-worst market rout The MOEX index shed half its value in just three months after Thursday’s 33% plunge
5) Western companies scramble to evacuate staff from Ukraine London-listed low-cost airline attempts evacuation after commercial flights suspended
What happened overnight
Stocks rebounded on Friday from the previous day’s rout as investors took the lead in a rally on Wall Street. Gains in New York trickled down to Asia, where Tokyo, Shanghai, Seoul, Singapore and Wellington all rose more than one percent. Hong Kong, Sydney, Taipei and Jakarta were also up.
- Business : Evraz, IMI, International Consolidated Airlines, Jupiter Fund Management, Pearson, Rightmove (annual results); Babcock International (commercial update)
- Economy: Orders for non-defence capital goods (WE)durable goods orders (WE)basic personal consumption expenditure (WE)personal income (WE)Michigan Consumer Confidence Index (WE)
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This notice was published: 2022-02-25 18:05:58