European markets are heading for a slightly higher open on Tuesday as investors remain on high alert for recession risks in the region.
A worker walks from the Sans Vitesse accommodation towards the gas receiving compressor station of the Nord Stream 1 natural gas pipeline in Lubmin, Germany, on Tuesday, Aug 30, 2022.Russian energy minister Nikolai Shulginov said the country will ship more oil to Asia in response to price caps on its oil exports, Reuters reported.
"Any actions to impose a price cap will lead to deficit on own markets and will increase price volatility," he told reporters at the Eastern Economic Forum in Vladivostok, according to Reuters. Last week, the G-7 economic powers agreed to cap the price of Russian crude to punish Moscow for its unprovoked invasion of Ukraine. Before the invasion, Russia exported approximately half of its crude and petroleum product exports to Europe, according to the International Energy Agency.Strategists are urging investors to allocate more of their portfolios to cash during these volatile times, as interest rate hikes mean it's now offering higher yields.
"Cash was king" last month, Bank of America said in a Sept. 1 note, as most asset classes — such as stocks, bonds and even commodities — posted losses.
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