Brent crude is now up almost 20% on the week, while everything from coal to natural gas and aluminium are on fire as Western nations tighten sanctions on Russia.
The rush to commodities lifted resource-rich Australian stocks 0.9%, while Indonesia was just off a record high. Fitch slashed Russia’s sovereign credit rating six notches to “junk” status, saying it was uncertain the country could service its debt, and Moody’s soon followed.EUROSTOXX 50 futures slipped 0.5%, and analysts at JP Morgan had a stark warning for clients.
European bonds also surrendered some of their recent hefty gains after data showed euro zone inflation hit a record high of 5.8% in January, making it harder for the ECB to keep policy super loose.
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