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> Economy

War in Ukraine: Oil and gas “rally” after the Russian invasion, “dip” in the stock markets

Markets in turmoil after the Russian invasion

Newsroom February 24 12:01

The price of oil exceeded $ 100 a barrel in Asian markets shortly after the start of the Russian invasion of Ukraine .

Oil ” jumped ” 5% after the news that Russia launches a military attack on Ukraine. US crude futures rose 5.23% to $ 96.92 a barrel.

Brent futures rose 5.4% to $ 102.07 a barrel, hitting $ 100 a barrel for the first time since 2014. Gas prices increased by 5.39%. Gold, traditionally considered an investment “shelter”, rose 1.82% and last traded at $ 1,942.21. In Japan, the Nikkei index fell 2.20% to a 52-week low, while the Topix index fell 1.75%. South Korea’s Kospi fell 2.60% and Kosdaq recorded losses of 3.29%.

In mainland China, the Shanghai Composite lost 1.70% and Shenzhen fell 2.20%. Hong Kong’s Hang Seng Index fell more than 3%. Australia ‘s S & P / ASX 200 fell 2.94%. European stock markets are plunging at the start of trading. In the first minutes of today’s session, the Paris Stock Exchange recorded losses of 4.19%, that of Frankfurt 4.39%, and that of London 2.55%. The pan-European Eurostoxx 50 index plunged 3.52%.

The Athens Stock Exchange is also under strong pressure. The General Price Index opened at 914.55 points, down 3.65%. Initially, it recorded a lower price at 911.20 points (-4.01%).

In the foreign exchange market, the euro fell 0.45% against the dollar to $ 1.1257. The euro stands at 129.1170 yen, 0.8346 against the pound, and 1.0367 against the Swiss franc. The dollar fell 0.22% against the yen to 114.7320. The pound against the dollar fell 0.44% to $ 1.3484.

On Wall Street last night, the S&P 500 lost 1.84% to close at 4,225 points. The Dow Jones industrial average fell 464 points or 1.38% to 33,131 points, marking the fifth consecutive day of losses. The Nasdaq fell 2.57% to close at 13,037 points.

Following the developments, Dow futures fell 720 points, or 2.19%, while futures related to the S&P 500 fell 2.26%. Nasdaq 100 futures fell 2.73%.

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Moscow Stock Exchange reopens today after a temporary suspension of trading, recording a dip of almost 14%. The Moex index (in rubles) fell 13.97% while the RTS index (in dollars) plunged 20.16%.

Shares of Sberbank, Gazprom, and Lukoil fall more than 10% after the suspension of trading. The ruble fell to a new low against the dollar and approached 90 against the dollar in interbank trading after the suspension. The picture is no better in the cryptocurrency market.

Bitcoin fell more than 8% to $ 34,702.18, according to data from Coindesk. This was the lowest level in a month. Ethereum plunged more than 12% to $ 2,325.18. More than $ 150 billion has been “evaporated” across the cryptocurrency market in the last 24 hours, according to Coinmarketcap.

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