Markets slide as soaring oil price stokes stagflation worries – business live | Business
Equities seem to be having an “Oh (pick your expletive)” moment, as the US reportedly weighs an embargo on Russian oil that could strangle global growth, fuel inflation and accelerate the trend to a more multipolar world.
Of course, this doesn’t have to come to fruition – sentiment improved this afternoon on reports that the path forward an embargo is “uncertain”. On top of that, the move, which would cripple the Russian economy, could in theory force a backdown from the Russians, and could open the door to a diplomatic solution that could see an end to war, even if that means some ugly land concessions to the Russians from Ukraine. But given the one eyed focus by Putin on toppling the Ukrainian government, it seems more likely this war will drag on, all at the expense of global growth and price stability.
Although it’s too early to tell, this could be the realisation markets have come to today. Stocks are…
