Markets Live: The SGX indicating a flat to negative opening for Nifty Indian Indices

As the EU is set to curb Russian flow oil powers for the sixth monthly gain

Oil headed for the longest run of monthly gains in more than a decade as EU leaders agreed to impose a partial ban on crude imports from Russia to increase pressure on Moscow to invade Ukraine .

Global benchmark Brent above $ 122 per barrel, which has reached the highest level in two months. President of the European Council Charles Mitchell said he would refuse to buy oil delivered by sea from the latest round of Russia-EU sanctions, but includes a temporary exemption for pipelines. The package also proposes to third countries, restrictions on insurance related to oil shipping, said people familiar with the deal.

Treasuries sell off, Asia stocks fall; oil jumps

Stocks in Asia fell on Tuesday and Treasuries sold across the curve as investors remain cautious about whether central banks can raise interest rates to rein in inflation without derailing growth. Oil rose after the European Union backed some Russian oil sanctions.

Japan, the decline in equity in Korea and Australia, while Hong Kong fell forward. Memorial Day US contracts open with gains in the first day of trading after the weekend. Yield on two-year notes rose 10 basis points to 2.58%, while the benchmark 10-year yield rose 10 basis points to 2.84%.

Crude oil surged to nearly $117 a barrel after EU leaders agreed to impose partial sanctions on Russian oil in response to an invasion of Ukraine.

Higher energy and food costs are putting upward pressure on prices globally and squeezing consumers. European bonds fell after German inflation hit record levels, adding pressure to central bank policymakers to contain rising prices. Dollar rose slightly.

In China, the purchasing managers’ index for May is likely to shrink service and manufacturing activity amid the COVID lockdown, despite virus-contained progress and the resumption of production at some Shanghai plants, according to Bloomberg Economics.

Global stocks are on track with modest gains at the end of the month amid doubts about whether the market is nearing a trough and volatility is increasing. Fears that a central bank rate hike will lead to a recession, extremely high inflation and uncertainty about how China will prop up its plunging economy are keeping investors cautious.