SHANGHAI, Mar 24 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar climbed on Wednesday while the euro weakened as oil prices shot higher again with U.S. President Joe Biden poised to announce, alongside European leaders, new sanctions against Russia during his trip to Europe.

Biden is due to arrive in Brussels later on Wednesday on his first foreign trip since the war in Ukraine began, and will meet NATO and European leaders in an emergency summit at the Western military alliance’s headquarters. Sources said the U.S. package would include measures targeting Russian members of parliament.

Prices for commodities such as oil and wheat have climbed as tensions in Ukraine have escalated, putting additional upward pressure on already high inflation due to supply chain bottlenecks. Rising inflation has led many central banks, including the U.S. Federal Reserve, to take measures to rein in prices, such as by raising interest rates.

Stock futures were little changed on Wednesday night as investors recovered from losses during the regular trading session.

The Dow Jones Industrial Average futures rose slightly 14 points, or 0.04%. S&P 500 and Nasdaq 100 futures climbed 0.10% and 0.17%, respectively.

Top gainers include homebuilding company KB Home and streaming service Spotify, which popped 4% and 4.3% in extended trading, respectively.

The major averages took a breather during the regular trading session Wednesday, as higher oil and commodities prices and the likelihood of greater interest rate hikes have investors uncertain about the economic outlook for later this year.

The Dow Jones Industrial Average dropped about 450 points, or 1.3%. The S&P 500 declined 1.2%. The Nasdaq Composite dipped 1.3%.

Oil prices jumped 5% to over $121 a barrel on Wednesday as disruptions to Russian and Kazakh crude exports via the Caspian Pipeline Consortium (CPC) pipeline added to worries over tight global supplies.

Brent crude futures advanced 5.3% to end the day at $121.60. U.S. West Texas Intermediate (WTI) crude futures settled $5.66, or 5.18%, higher at $114.93 per barrel.

Crude oil exports from Kazakhstan’s CPC terminal on Russia’s Black Sea coast stopped fully on Wednesday after damage caused by a major storm and continued bad weather, a port ship agent and the head of CPC said.

Gold rose on Wednesday as unruly inflation and the intensifying Ukraine crisis fed demand for the safe-haven metal, although a firmer dollar and high bond yields put a lid on gains.

Spot gold rose 0.8% to $1,937.52 per ounce by 2:05 p.m. ET. U.S. gold futures settled up 0.8% at $1,937.30.

The yellow metal had scaled record highs earlier in March but retreated sharply from those levels in the run-up to last week’s Federal Reserve meeting.

Prices have since moved into a more steady range as the market digested a more hawkish outlook from Fed policymakers.

The pan-European Stoxx 600 provisionally closed down by 1%, with almost all sectors and major bourses in negative territory. Utilities stocks fell 2.5% to lead losses while oil and gas stocks bucked the downward trend to add 2%.

In terms of individual share price movement, Dutch insurer Aegon climbed 2.6% after announcing that the sales of its businesses in Poland, Romania and Turkey are expected to be completed in 2022, while its Hungarian arm will be sold to Vienna Insurance Group.

At the bottom of the European blue chip index, Swedish financial group SEB fell 9% on its ex-dividend date.