Global shares were mixed Wednesday, with European shares advancing after a retreat in Asia, though mainland Chinese stocks rebounded as Beijing redoubled confidence-boosting efforts with promises of more support for the slowing economy.
U.S. futures were higher and oil prices also rose, but modestly.
The focus was on energy markets. Gas prices surged as much as 24% in Europe and the euro weakened after Russia said it would cut off supplies to Poland and Bulgaria.
Faith Birol, head of the Paris-based International Energy Agency called Moscow’s decision a “weaponization of energy supplies,” and said the organization would support the two countries while encouraging other European countries to reduce reliance on oil and gas from Russia.
“The move increases the possibility of a near-term stand-off between Russia and the rest of the EU on whether to meet Russia’s demand to pay for gas in rubles,” said Stephen Innes, managing partner at SPI Asset Management.
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