Stocks rise after Ukraine panic, oil back below $100

LONDON :European stocks rose on Friday after Wall Street's late rally, as investors welcomed coordinated Western sanctions on Russia that targeted its banks but not did not block it from a global payments system and left its energy sector largely untouched.

Asian shares closed higher, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.78per cent. But on Wall Street - where stocks staged a massive rebound after U.S. President Joe Biden unveiled sanctions on Thursday - futures pointed to a lower open in the United States. However, he said sentiment could change quickly given the enormity of the crisis unfolding in Europe's east.

Safe haven gold, which had jumped on Thursday, inched 0.26per cent higher to $1,908 an ounce but was below multi-month highs of $1,973.96. After some dramatic moves in currency markets on Thursday, including more than 1per cent falls in most European currencies, foreign exchange prices were much calmer.

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