Manufacturing
Ukraine war 'catastrophic for global food'
The war in Ukraine will deliver a shock to the global supply and cost of food, the boss of one of the world's biggest fertiliser companies has said, BBC reported. Yara International, which operates in more than 60 countries, buys considerable amounts of essential raw materials from Russia. Fertiliser prices were already high due to soaring wholesale gas prices.
ONGC shares up 8% as crude hits fresh high
Shares of state-run oil exploration company ONGC rose sharply on Monday in line with skyrocketing global crude oil prices. Ongoing hostilities between Russia and Ukraine as well as lack of fresh supplies pushed crude oil price to a 14-year high of $130 per barrel on Monday. Global crude oil prices have risen over 40 per cent in the past one-month period.
Gold Rush: Ukraine war pushes up global prices to $2K
Inflationary fears triggered a rush for safe haven investments during the ongoing market volatility that pushed up the global gold price to $2,000 per ounce on Monday. Accordingly, the fears of supply shortages due to the Russian-Ukrainian conflict along with robust demand has kept prices higher. Besides, sanctions on Russia, which is a major producer of Gold, is expected to reduce the supply.
Russian banks switch to Chinese UnionPay after withdrawal of Visa and MasterCard
The step, which came shortly after Mastercard and Visa pledged to cease operations in Russia and disconnect all the country's banks from their payment systems, will enable the holders of new cards to use them for paying and withdrawing cash abroad, RT reported. On Saturday, international financial service providers Visa and Mastercard said they would suspend operations in Russia within the next several days.
War impact on crude, state poll results in focus for fresh cues: Religare Broking
For fresh cues in the coming week, investors would remain focused on the Russia-Ukraine crisis and its impact on crude besides the state elections results of five states that went to polls recently, brokerage house Religare Broking said. On the macroeconomic front, investors would keep an eye on IIP data scheduled to be released on March 11.
Post war reconciliation, markets need to tackle other issues as well
Markets were nervous and highly volatile on the back of global tensions between Ukraine and Russia. There has been an unprecedented rise in prices of crude and gas and many other commodities. Some of the Middle East countries are worried about food supplies as they import wheat from these two countries. They fear that they will run out of stock in the next two months if nothing is done.
PayPal shuts down services in Russia
Payments company PayPal has announced that it is suspending its services in Russia in the wake of Ukraine invasion.Ukraine's vice prime minister Mykhailo Fedorov tweeted a letter from PayPal CEO Dan Schulman, confirming the company's decision to shut down its operations in Russia. Visa and Mastercard have also announced to suspend all operations in the country in the wake of Ukraine invasion.
Price shocks due to war in Ukraine will have impact worldwide: IMF
Energy and commodity prices-including wheat and other grains-have surged due to the war in Ukraine, adding to inflationary pressures from supply chain disruptions and the rebound from the Covid-19 pandemic, the IMF has said. Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses.
Gold Rush: Ukraine war to push global prices to $2k
Accordingly, the fears of supply shortages along with robust demand has kept prices higher. Besides, sanctions on Russia which is a major producer of Gold is expected to reduce supply. Last week, MCX gold prices increased sharply by 4.66 per cent to Rs 52,559 levels. Besides, 'Spot Gold' prices increased by 4.30 per cent to $1,970.35 per ounce.
War effect: Commodity prices to keep Rupee weak
High commodity prices as well as outflow of foreign funds from equity markets are expected to subdue the Indian rupee further. Rising prices of crude oil along with other commodities triggered by Russia-Ukraine war will keep the rupee weak. However, interventions by the Reserve Bank might cap the downside to rupee against the USD.
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