The Daily Chase: Stocks sink, oil tops US$100 on Russia attacks; RBC opens earnings season

Global stock markets are sliding, oil and natural gas are leading a surge in almost all commodity prices, safe haven bond yields are falling, and some bets on central bank liftoff are being pared as the world watches Russia's attack on Ukraine.

Global stock markets are sliding, oil and natural gas are leading a surge in almost all commodity prices, safe haven bond yields are falling, and some bets on central bank liftoff are being pared as the world watches Russia's attack on Ukraine, which President Vladimir Putin described as a "special military operation" in his televised address. U.S. President Joe Biden said in a statement he'll announce "further consequences" today for what he's calling a "premeditated war." We'll gather expert market insight on prudent portfolio management in times of global conflict, perspective on what history tells us about how investors and traders respond after the initial shock of an attack, how high this could propel energy prices (Dutch natural gas futures surged as much as 40 per cent overnight, while West Texas Intermediate and Brent crude touched US$100 per barrel for the first time since 2014), and what the ramifications will be for central banks.

RBC OPENS EARNINGS SEASON WITH A BEAT

Weakness in Royal Bank of Canada’s trading unit was no match for the institution’s capacity to pump out profit. Its adjusted per-share earnings exceeded the average estimate by 15 cents, led by double-digit growth in the core banking operations as well as a record performance in its corporate and investment banking business. That overshadowed revenue erosion in its global markets (ie, trading) unit.

ALBERTA BUDGET DAY

Could balanced books be within reach for Alberta? That's the big question heading into this afternoon's budget. The last fiscal update from Jason Kenney's United Conservative government forecast a $5.8-billion deficit this fiscal year (thanks to an anticipated surge in bitumen royalty revenue), with shortfalls of $3.3 billion and $2.3 billion in the next two years. That fiscal update was built in part on an expectation of West Texas Intermediate at US$70.50 this fiscal year, and WTI at US$64.00 next fiscal year. And a special programming note for today: we’re extending The Close for breaking news coverage of the budget at 5:15 p.m. ET.

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