Good morning and welcome to another day of market updates.
After large falls in recent days markets are surging back up today!
FT100 up 150 plus points already,,,,
The Ft100 is already up a huge 155 points or 2.15% at 7365 levels
Oil prices rose on Friday amid investor concerns over tightening supplies as Russian's invasion of Ukraine entered its second day. The price of Brent crude oil rose by more than 2% to $101 (£75) a barrel as fighting appeared to intensify near the Ukrainian capital, Kyiv. But stock markets in Europe and Asia rebounded as investors assessed Western sanctions on Russia. The UK, the US, the EU and others have announced sanctions against Russia. The UK imports 6% of its crude oil and 5% of its gas from Russia, but there are concerns sanctions could constrict supplies and drive up prices worldwide. The high price of energy and fuel, with demand surging following the easing of Covid restrictions, is one of the main factors currently driving up the cost of living for people in the UK. Both the RAC and AA motoring groups said average fuel prices hit fresh record highs of 149.67p a litre for petrol, with diesel at 153.05p. The AA predicted that petrol would hit 150p per litre over the weekend. Both motoring groups said the weak pound combined with crude oil prices would push up costs at the pump.
British airlines have been banned from landing at Russia's airports and from crossing its airspace, the Russian civil aviation regulator has said.
Russia said the move was a response to "the unfriendly decisions by the UK aviation authorities".
On Thursday, the UK banned Russia's national airline Aeroflot from landing in Britain.
The measure was part of sanctions introduced following Moscow's invasion of Ukraine.
UK Defence Secretary Ben Wallace told ITV: "I think that's their retaliation for us yesterday banning Aeroflot from using and landing in the United Kingdom. That's their tit for tat response."
Russia's civil aviation authority Rosaviatsia said: "This measure was taken in accordance with the provisions of the Intergovernmental Air Services Agreement between Russia and the UK as a response to unfriendly decisions by the UK aviation authorities regarding the restriction on regular flights of aircraft owned, leased or operated by a person associated with Russia or registered in Russia."
British Airways said in a statement it was notifying customers on cancelled services and would offer full refunds.
Have a great day! Best Regards S Dhanda
Head of Wealth @ ALFRED DUNN
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