US futures ease as EU, US weigh new sanctions on Russia
Wall Street edged lower ahead of the opening bell on Tuesday and oil prices rose as Western governments considered more sanctions against Moscow in response to evidence Russian soldiers deliberately killed civilians.
New York: Wall Street edged lower ahead of the opening bell on Tuesday and oil prices rose as Western governments considered more sanctions against Moscow in response to evidence Russian soldiers deliberately killed civilians.
Futures for the Dow Jones Industrials and S&P-500 each slipped about 0.2 per cent in premarket trading. Benchmarks rose in Frankfurt, Tokyo and Sydney, but fell in Paris and London. Many Asian markets, including those in China, were closed for holidays.
US crude climbed 67 cents to $103.95 per barrel in electronic trading on the New York Stock Exchange. Brent crude was up 59 cents at $108.12 per barrel. The price of US benchmark crude jumped 4 per cent on Monday and Brent crude, the standard for international pricing, rose 3 per cent.
Russia's withdrawal from areas near Ukrainian capital Kyiv led to the discovery of corpses, prompting accusations of war crimes and demands for tougher sanctions on Moscow. Such moves add to uncertainty and could push up already high prices of oil and gas, among other commodities. The invasion of Ukraine has elevated concerns about rising inflation and the impact on global economic growth. Prices for everything from food to clothing were already rising and the war has added to volatility for energy prices since Europe depends on Russia for a large share of its oil and gas.
European leaders have appeared split over how to respond to the latest developments in Ukraine. French President Emmanuel Macron said new punitive measures were needed. Poland urged Europe to quickly wean itself off Russian energy, while Germany said it would stick with a gradual approach of phasing out coal and oil imports over the next several months.
Germany's DAX fell 0.3 per cent, while the CAC 40 in Paris lost 1.3 per cent and Britain's FTSE 100 shed 0.1 per cent. In Asian trading, Tokyo's Nikkei 225 index gained 0.2 per cent to 27,787.98 and the Kospi in Seoul eked out a 0.1 per cent gain, to 2,759.20. The S & P/ASX 200 gained 0.2per cent to 7,527.90. India's Sensex slipped 0.1 per cent.
