Wheat prices jump to highest since 2008; stocks calmer after Wall Street gains – business live

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Yesterday we woke up to the bleak news that Russia had invaded Ukraine. Today we are expecting a Russian tank attack on its capital, Kyiv, which could become the hardest day in the war, an adviser to Ukraine’s interior minister said.

Russian troops are advancing on Kyiv and Ukrainian president Volodymyr Zelenskiy pleaded with the international community to do more, saying the sanctions announced so far are not enough. An estimated 100,000 people have fled as explosions and gunfire rocked major cities, and dozens have been reported killed, according to Reuters.

You can follow the latest on our Ukraine live blog here:

Ukrainian officials are angry that European leaders have held back from imposing the potentially most damaging sanction on Russia, blocking Russia from an international payments system through which it receives foreign currency.

However, other new sanctions have been imposed by the UK, US, the European Union and other countries.

The UK has frozen the assets and imposed a travel ban on eight named individuals and 11 businesses, including six banks. Hundreds more individuals sitting on Russia’s Dumas will also face sanctions.

Michael Hewson, chief market analyst at CMC Markets UK, said:

While the sanctions set to be imposed are on a significantly stronger scale than any previous ones announced, they are unlikely to be enough to change Putin’s calculus in the short term, given that Russia’s energy markets, along with other key exports, and access to Swift were left out.

This perhaps helps explain why US markets reversed course after European markets closed, to finish the day strongly higher, with the Nasdaq 100 leading the way with a gain of over 3%, only hours after having been down 3%, soon after the market opened.

Yesterday’s surge in oil prices up to $105 a barrel also proved to be…

Read full story at the guardian.com

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