Russia, the world’s fifth-biggest wheat exporter, banned food imports from the U.S., European Union, Canada, Australia and Norway in retaliation for sanctions linked to the conflict in Ukraine, the ninth-largest shipper.
U.S. equity-index futures gained as jobless claims fell and earnings from 21st Century Fox Inc. and CenturyLink Inc. beat estimates. Bonds rose as the European Central Bank kept interest rates on hold, while Australia’s dollar led a decline in higher-yielding currencies.
Australia’s dollar fell by the most in a month against its U.S. counterpart as traders revived bets the nation’s central bank will cut interest rates after unemployment jumped to the highest since 2002.
What's to love about the GBP? Not much. The U.K. has an economy that can't recover for any length of time, credit rating downgrades are almost a dead certainty and worst of all there's a risk of a vicious downward spiral if investors lose confidence.
Stockpiles of the biggest crops will decline for a third year as drought parches fields across three continents, raising food-import costs already forecast by the United Nations to reach a near-record $1.24 trillion.