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.
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