Futures spike after Putin says ‘positive shifts’ in talks with Ukraine: live updates

Check here for the latest news on how the conflict is affecting markets, businesses and the economy

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Russia’s invasion of Ukraine has sparked unprecedented economic and financial retaliation from western nations which are piling on sanctions in what France has called “all-out economic and financial war.”

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But the conflict will have consequences for the whole world as it cuts off crucial energy and crop supplies, disrupts businesses and upsets financial markets, already under stress as central banks tighten policy.

There is a lot going on out there so check here for the latest news on how the conflict is affecting markets, businesses and the economy.

7:34 a.m.

BlackRock takes $17 billion in losses on Russian exposure

Ouch! The Financial Times is reporting this morning that BlackRock, the world’s largest asset manager, has taken about US$17 billion in losses on its Russian securities holdings because of the attack on Ukraine.

BlackRock said clients held more than US$18.2 billion in Russian assets at the end of the January, but sanctions and shuttered markets made most of it unsaleable, so they had to be marked down sharply.

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The firm suspended all purchases of Russian assets on Feb. 28 and said at the time that its holdings related to the country had fallen to less than 0.01 per cent of assets under management.

Other large asset managers have also had to write down billions in exposure, said the FT. Pimco held at least $1.5 billion of sovereign debt and about $1.1 billion of bets on Russia via the credit-default swap market before the war.

— Financial Times

7:24 a.m.

The latest on markets

7 a.m.

U.S. stock index futures moved sharply higher this morning after Russian President Vladimir Putin said there were certain “positive shifts” in talks with Ukraine.

At 6:32 a.m. ET, Dow e-minis were up 424 points, or 1.28 per cent, S&P 500 e-minis were up 60.75 points, or 1.43 per cent, and Nasdaq 100 e-minis were up 223 points, or 1.64 per cent.

— Reuters

Additional reporting by Reuters and Bloomberg