The conflict in Ukraine is roiling many sectors across the globe, with investors fearing contagion in all parts of the market. Stock index futures in the U.S. dropped precipitously overnight, and markets are opening near the lows. Equities in Europe are doing worse, with the Euro Stoxx 50 plunging 5% after bourses posted earlier losses across Asia.

For now, the western reaction to the unfolding situation in Ukraine will likely be limited to economic sanctions. U.S. and European diplomats have been working for weeks on a coordinated package that is set to be rolled out in the coming days, though initial measures will be announced today as President Biden delivers remarks from the White House.

Western energy majors are on course to buy back shares at near-record levels this year as soaring oil and gas prices enable them to deliver bumper profits and boost returns for investors. The seven supermajors — including BP, Shell, ExxonMobil and Chevron — are poised to return $38bn to shareholders through buyback programs this year, according to data from Bernstein Research