U.S. stock futures erase losses; oil prices mixed
BNN Bloomberg
U.S. equity futures fluctuated as the Ukraine conflict and Western sanctions on Russia muddied the outlook for markets and the global economic recovery. Oil prices steadied after briefly halting a rally.
U.S. equity futures fluctuated as the Ukraine conflict and Western sanctions on Russia muddied the outlook for markets and the global economic recovery. Oil prices steadied after briefly halting a rally.
Contracts on both the S&P 500 and Nasdaq 100 erased declines of more than 1 per cent to trade slightly higher. Benchmark West Texas Intermediate crude was little changed while Brent turned positive to trade at US$99 a barrel.
President Joe Biden imposed stiffer sanctions on Russia, promising to inflict a “severe cost on the Russian economy” after Moscow-led forces attacked military and civilian targets in Ukraine, triggering the worst security crisis in Europe since World War II. China urged Russia and Ukraine to negotiate to address problems, according to Chinese state TV.
Treasuries fell with the dollar, while gold was steady.
A prolonged conflict could deliver a major blow to global markets and slow the normalization of central bank policy that’s expected this year. Wall Street strategists cut their forecasts on European equities on concern that the war in Ukraine will hurt economic growth, with Goldman Sachs Group Inc. expecting virtually no full-year returns.
