European stocks tumbled on Monday amid heightened tensions over the Russian invasion of Ukraine.
Russia's central bank more than doubled interest rates to 20 percent in a desperate attempt to shore up the plummeting ruble and prevent the run of banks amid crippling Western sanctions over the Russian war in Ukraine.
The rouble sank more than 40 percent to a record low against the dollar while oil prices jumped by as much as $7 a barrel as President Vladimir Putin put his country's nuclear deterrent on high alert amid the ongoing conflict in Ukraine.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.