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Asian Stocks Down as West Seeks to Ban Russian Crude Supplies -Breaking

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were down on Monday morning, alongside U.S. equity futures. Russian President Vladimir Putin has warned that Ukraine’s conflict will not end. An inflation shock could also be a concern for investors, as oil prices soared due to a possible ban on Russian crude.

China’s fell 1% by 9:38 PM ET (2:38 AM GMT) and the fell 1.92%. February’s trade data, including , , and the , is due later in the day. On Wednesday, more data will be available, including price indexes and.

China also set its 2022 GDP target at an ambitious “about 5.5%” on Saturday. The country also signaled that more stimulus measures could be on the way, with Premier Li Keqiang vowing at the opening of the National People’s Congress (NPC) to take bold steps to protect the economy as risks mount. On Monday, Wang Yi, the Foreign Minister will give his briefing to NPC.

Hong Kong’s slid 3.31%.

Japan’s 225 fell 3.29% and South Korea’s fell 2.35%. The fell by 1.31% in Australia.

U.S. Secretary for State Sunday said that the West was considering a coordinated embargo of Russia to prevent its invading of Ukraine, while also ensuring adequate supply worldwide.

Putin responded by signing a decree that allowed the government and foreign companies to pay their creditors in rubles. The Ministry of Finance also warned that international investors will be unable to collect payments if sanctions are in place. Businesses are starting to leave Russia. This includes Netflix Inc. (NASDAQ). TikTok.

Due to worries about supply disruptions, oil hit the $139 mark. These high prices and inflation are raising concerns about the recovery of global economy from COVID-19.

Federal Reserve USA and other central banks across the country will have to manage tightening of monetary policy in order to control inflation, without affecting economic growth or risky assets.

“For the U.S. economy, we now see stagflation, with persistently higher inflation and less economic growth than expected before the war,” Yardeni Research president Ed Yardeni said in a note.

“For stock investors, we think 2022 will continue to be one of this bull market’s toughest years.”

The Fed should increase interest rates to close to its “neutral” setting this year, implying as many as seven quarter-point hikes, Fed Bank of Chicago President Charles Evans said on Friday. In 2022, the market is pricing in five such interest rates.

“Central banks are facing an exogenous stagflationary shock they cannot do much about,” Federated Hermes (NYSE:) senior economist Silvia Dall’Angelo said in a note.

On Wednesday and Friday, Philip Lowe (Reserve Bank of Australia Governor) will give a speech. The on Thursday.

Data-wise, Thursday’s U.S. data release is a good day.

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