Stocks Plunge, Oil Surges as Russia Attacks Ukraine

'Equities are tanking in Asia,' says an analyst
By Newser Editors and Wire Services
Posted Feb 23, 2022 11:53 PM CST
Asian Stocks Plunge, Oil Surges to Nearly $100 a Barrel on Russia Attack
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Feb. 24, 2022. Asian stock markets followed Wall Street lower Thursday as anxiety about a possible Russian invasion of Ukraine rose.   (AP Photo/Ahn Young-joon)

Asian stock markets plunged and oil prices surged to nearly $100 a barrel Thursday after President Vladimir Putin announced Russian military action in Ukraine, the AP reports. Market benchmarks in Tokyo and Seoul fell 2%. Hong Kong and Sydney lost more than 3%. Oil prices jumped more than $4 on anxiety about possible disruptions of Russian supplies. The ruble fell 5% against the dollar. Wall Street futures fell. The future for Germany's benchmark DAX index lost more than 4% and London's FTSE 100 was off 2.2%.

“The relief rally has quickly reversed course,” said Jeffrey Halley of Oanda in a report. “Equities are tanking in Asia.” The Nikkei 225 in Tokyo fell 2.2% to 25,855.04 and the Hang Seng in Hong Kong lost 3.1% to 22,925.60. The Shanghai Composite Index was off 0.9% at 3,458.12. Asian economies face lower risks than Europe does, but those that need imported oil might be hit by higher prices if supplies from Russia, the third-largest producer, are disrupted, forecasters say. The Kospi in Seoul lost 2.6% to 2,649.29 and Sydney's S&P-ASX 200 fell 3.1% to 6,983.40. India's Sensex was down 3% at 55,493.95. New Zealand lost 3.3% and Southeast Asian markets also fell.

On Wall Street, the S&P 500 fell to 4,225.50. That put it 11.9% below its Jan. 3 record, solidly in a correction, or a decline of more than 10% from its latest peak. The Nasdaq, dominated by technology stocks, lost 2.6% to 13,037.49, led by steep losses in Apple and Microsoft. That put the index 18.8% below its November 2021 high. The Dow Jones Industrial Average fell 1.4% to 33,131.76.

(More stock market stories.)

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