London/Singapore —
The move on gas by Russian President Vladimir Putin in response to Western sanctions prompted Germany, the most reliant on Russian gas, to accuse him of “blackmail” as it activated an emergency plan that could lead to rationing. The war threatens also to disrupt global food supplies, with a US government official sharing images of what they said was damage to Ukrainian grain storage facilities.
US and European shares notched their biggest quarterly drops since the outbreak of the Covid-19 pandemic in 2020 in the quarter that ended on March 31. US crude futures fell more than $2 a barrel to $98.17 and Brent futures were also down $2 at $102.66 a barrel. US March jobs data at 12.30pm GMT will be watched for indications of wage inflation, in addition to the headline jobs figure.The closely-watched spread between US two-year and 10-year notes is nearly zero.