Markets seeing red as Russians invade Ukraine
Asian equities were on the back foot after a soft New York session anyway, but reports that the Russian invasion of the Ukraine is underway has sent them sharply lower once again. With the crisis escalating in the Ukraine equities are tanking in Asia.
S&P 500 and Nasdaq futures are 2.0% lower while Dow futures have slumped by 2.50%. Japan’s Nikkei 225 is 2.25% lower while the South Korean Kospi has tumbled by 2.35%. Mainland China is relatively calm, helped perhaps by their “national team.” The Shanghai Composite is down 0.65% and the CSI 300 has fallen 1.05%. Hong Kong is in full retreat, however, falling by 3.0%.
Regionally, Singapore is 2.50% lower with Taipei down 1.50%, while Kuala Lumpur and Jakarta are holding steady thanks to the jump in oil prices, down just 0.15%. Bangkok is down 0.80%. Australian markets are being cremated, the ASX 200 and All Ordinaries falling by 3.50%.
US treasury yields are tumbling as investors seek shelter and it is hard to see any reason that stocks will reverse losses today. The effect on European markets this afternoon is obvious, and they stand to fare worst out of this situation.
