Bloomberg The chances of enacting President Joe Biden’s stalled Build Back Better Act have increased as a result of the war in Ukraine, according to Goldman Sachs Group Inc. economists. The prospect of a ban on Russian oil imports may give the legislation— and the more than $550 billion earmarked to fight climate change — a second chance, potentially …

  Bloomberg Pay for the leaders of Canada’s five largest banks rose an average of 28% as the lenders’ earnings increased and shares gained. Total direct compensation for the chief executive officers climbed to a combined C$65.7 million ($51.2 million) for fiscal 2021, which ended Oct. 31. The bump for CEOs tops the 18% average increase in variable pay that …

Bloomberg The odds of Russia making its foreign debt payments are diminishing as bond prices fall, recession in the nation looms and various payment restrictions pile up after the invasion of Ukraine, according to Morgan Stanley & Co. “We see a default as the most likely scenario,” Simon Waever, the firm’s global head of emerging-market sovereign credit strategy, wrote in …

Bloomberg Stocks in Europe rallied along with US futures after Bloomberg reported that the European Union is considering joint bond sales to help counter the fallout from Russia’s invasion of Ukraine. Bonds dropped and the euro strengthened. The Stoxx Europe 600 index reversed an early decline to climb more than 1%, set for its first advance in four days as …

  Bloomberg The London Metal Exchange (LME) suspended trading in its nickel market after an unprecedented price spike left brokers struggling to pay margin calls against unprofitable short positions, in a massive squeeze that has embroiled the largest nickel producer as well as a major Chinese bank. Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% …

  Bloomberg Shares of Chinese companies listed in the US tumbled, extending a selloff that pushed them to their lowest level since 2016. The Nasdaq Golden Dragon China Index sank 4.8% amid concerns over higher inflation, risks from the Russia-Ukraine war and rising Covid-19 cases in China and Hong Kong. The selloff is also coming during the National People’s Congress …

  Bloomberg Major stock markets from Europe to Asia are heading for bear markets — falling more than 20% from highs — amid fears of an inflation shock as crude oil soared on the prospect of a ban on Russian supplies. Europe’s Stoxx 600 dropped more than 3% on Monday, while US equity index futures and an Asian share index …

  Bloomberg The Indian rupee tumbled to a record low, while stocks and bonds also slumped as a relentless surge in oil prices darkened the nation’s economic outlook. India relies on overseas purchases to meet about three-fourths of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices. Oil prices, already up more than …

  Bloomberg Global oil markets could tighten even more with Russian flows being disrupted and producers such as Libya experiencing supply problems, according to Vitol Group, the world’s biggest independent crude trader. That could push prices higher still after they soared to more than $115 a barrel in the wake of Russia’s invasion of Ukraine. “We have plenty of twists …

  Bloomberg After taking a barrage of criticism for buying a cargo of Russian crude, Europe’s largest oil company Shell Plc says it’s navigating the market with government guidance. “We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” Shell said in a statement. “We …