The price of oil has jumped more than $10 a barrel and shares are sharply lower as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.
A currency trader walks near the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, March 7, 2022. The price of oil jumped more than $10 a barrel and shares were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.
On Wall Street, U.S. futures fell, with the contract for the benchmark S&P 500 down 1.2% and that for the Dow industrials falling 1.0%. Stock futures in Europe also declined. “The Ukraine-Russia conflict will continue to dominate market sentiments and no signs of conflict resolution thus far may likely put a cap on risk sentiments into the new week,” said Yeap Jun Rong, market strategist at IG in Singapore.“It should be clear by now that economic sanctions will not deter any aggression from the Russians, but will serve more as a punitive measure at the expense of implication on global economic growth.
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