The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 1, 2022. REUTERS/StaffLondon — European stocks sagged and oil jumped back above $100 a barrel on Tuesday as markets struggled with deep uncertainty caused by Russia’s invasion of Ukraine, though the rouble steadied as Moscow scrambled support for its beleaguered markets.
There were been gains for mining and oil & gas stocks but even those had soured. Bank stocks slumped 4% as investors sensed that interest rate hikes might now be delayed. On energy markets, Brent crude futures were up $4.51, or 4.6%, to $102.75 a barrel. That was just below a seven-year high of $105.79 recorded after Moscow attacked Ukraine last week.European natural gas prices leapt nearly 15% too. Oil and gas prices are up nearly 60% since fears of an invasion of Ukraine began to escalate in November.
Benchmark 10-year US Treasury yields were sitting at 1.8% in European trading having been above 2% less than two weeks ago, while the euro resumed its decline in the currency market. Russia responded on Tuesday by temporarily stopping foreign investors from selling Russian assets to ensure they take a “considered decision” Prime Minister Mikhail Mishustin said.Russia’s huge sovereign wealth fund will also be pressed into action, spending as much as 1-trillion roubles to buy shares in Russian companies, a source close to the government said.
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