The impact of war in Europe on markets has been wide-ranging, driving up prices for everything from oil and gas to nickel and aluminium.
But conflict in Ukraine – often dubbed the “breadbasket of Europe” – also threatens supermarket prices.
Wheat has soared to its highest level since 2008, while corn and soybean prices are also on the rise amid concerns supplies could be upended.
The price rises will add further inflationary pressures and threaten to intensify the cost-of-living crisis.
5 things to start your day
1) Vaccine success lays groundwork for Britain to become a global health leader UK’s agility in Covid trials proves it has the potential to be a hub for medical tech
2) Elon Musk and brother face insider trading probe over Tesla shares sale Electric car maker’s chief says he is “building a case” against US regulator
3) BP under pressure to abandon stake in Russia’s Rosneft MPs urge FTSE energy giant to dump decade-old stake in firm run by Putin’s right-hand man
4) Almost $200bn wiped off Moscow shares in fifth-worst market rout MOEX index has lost half its value in just three months following Thursday’s 33pc plunge
5) Western companies scramble to evacuate staff from Ukraine London-listed budget airline attempts evacuation after commercial flights suspended
What happened overnight
Equities bounced back on Friday from the previous day’s rout with investors taking their lead from a rally on Wall Street. The gains in New York filtered through to Asia, where Tokyo, Shanghai, Seoul, Singapore and Wellington all rose more than 1pc. Hong Kong, Sydney, Taipei and Jakarta were also up.
Coming up today
- Corporate: Evraz, IMI, International Consolidated Airlines, Jupiter Fund Management, Pearson, Rightmove (full-year results); Babcock International (trading update)
- Economics: Non-defence capital goods orders (US), durable goods orders (US), core personal consumption expenditures (US), personal income (US), Michigan Consumer Sentiment Index (US)