, hitting parity against the safe-haven Swiss franc, on rising fears of a stagflationary shock that might lead the European Central Bank to maintain its ultra-easy policy.
“If the West cuts off most of Russia’s energy exports it would be a major shock to global markets,” said BofA chief economist Ethan Harris. That jump which follows a 21% surge in Brent crude last week will be costly for consumers and leave them with less money to spend on other things, a threat to global economic growth.
Asian markets earlier set the tone for a grim day inequities. Japan’s Nikkei sank 3.4% to a 15-month low, while MSCI’s broadest index of Asia-Pacific shares outside Japan lost 2.77%. Chinese blue chips shed 3.19%.BofA’s Harris estimates the loss of Russia’s 5 million barrels could see crude prices double to $200 a barrel.
The Russia-Ukraine conflict also weighed on talks aimed at reviving Iran’s nuclear deal with major powers, after Tehranaccused Russia of “interference”. The euro also tumbled against the Swiss franc, breaking under 1.0000 for the first time since early 2015.
So in all this who is the selfish one is it Russia or USA?
Russia supply oil worldwide, USA and Europe depend on Russia... let's see then how this will roll since they Sactioned Russia.
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