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Asian Stocks Down, Oil jumps as Investors Concerned Tightening Russia Sanctions -Breaking

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly down on Wednesday morning as against Russia cast a shadow over shares in Europe and the U.S.

Japan’s fell 1.98% by 9:51 PM ET (2:51 AM GMT), while South Korea’s inched down 0.03%.

Australia’s interest rate increased by 0.07%. The interest rate remained unchanged at 0.1%.

Hong Kong’s was down 0.97%. According to reports, the government plans a four day lockdown during compulsory Covid-19 testing. This will take place later in March.

China’s was down 0.34% while the fell 1.55% .

After similar European and Canadian moves, it is possible that the U.S. will ban Russian planes from American airspace.

“The Russia/Ukraine conflict is likely to continue dominating markets for the foreseeable futur.” Yesterday’s announcement by Russia that it will not issue coupons for foreign holders of its debt government should encourage investors to look into safer-havens,” ING analysts wrote in a note.

“Supporting Ukraine to join the EU shows support from Western Europe, but does not help reduce tensions.

A number of large companies have announced that they will suspend their Russian business or close it.

Although oil prices rose above $100 per barrel by Wednesday morning, however, global leaders agreed to reduce price growth and release 60,000,000 barrels of reserves.

According to Craig Erlam (OANDA senior market analyst), “We are beginning to understand the impact that sanctions might have on Russian oil exports, and the challenges they present, and that’s driving up the price,” he told Reuters.

Erlam explained that “we saw an underwhelmed response when this happened in Nov as well, but that was prior to Russia’s invasion of Ukraine.”

On Tuesday, the benchmark U.S. 10-year yield rose from 1.711% to 1.7548%. Due to worsening conflicts, investors are worried about the U.S. Federal Reserve’s aggressive interest rate increases in the coming months.

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