Global markets eye looming central bank meetings

Global markets await major central bank meetings this week, which could make some shift in their monetary policy decisions amid the war in Ukraine and sanctions on Russia affecting their economies.

The US Federal Reserve's two-day meeting will conclude on Wednesday. The Fed is widely expected to make a rate hike of 25 basis points to begin monetary tightening and could make at least another three interest rate increases before the year-end.

Investors will closely watch the Fed's economic projections, which will include estimates of economic growth, unemployment, inflation, and interest rates. Those could be revised if the Fed officials believe that the US sanctions on Russia adversely affect the American economy, especially in energy prices.

The Bank of England will meet on Thursday, as most analysts expect the UK's central bank to make a third rate hike to tame the rising inflation.

The BoE raised interest rates twice in the last three months, the latest coming in February with 25 basis points of increase to 0.5%.

The Bank of Japan (BoJ), which is anticipated to leave its interest rate unchanged at negative 0.1%, will meet on Friday.

The BoJ diverges from other major central banks by holding interest rates steady although the consumers' inflation expectations in the country have hit a record level.

Turkish central bank will meet on Thursday to announce its monetary policy decision at 2 p.m. local time (1100GMT).

In addition to the potential shift in major central banks' monetary policies, Russia's war on Ukraine continues to create fear and uncertainty for investors.

The price of Brent crude oil jumped last week to $139.13 per barrel, its highest since 2008, amid the US and UK's import ban on Russian oil, natural gas, and coal.

The international benchmark was trading around $109.43 per barrel for a 2.9% daily loss at 0710GMT on Monday. The US benchmark West Texas Intermediate was at $105.83 a barrel -- a 3.2% decline.

Precious metals showed some retreat with gold falling 0.6% to $1,976 per ounce and silver losing 0.7% to $25.68 an ounce.