Asian market closed first day of the week on significant losses after investors priced in tension in the Ukraine and Fed’s outlook on policy rate.
The CSI 300, HSI, KOSPI, SET and TOPIX inched down by 1.08%, 1.41%, 1.57%, 0.85% and 1.63% respectively.
U.S. stock futures S&P500, Dow Jones and Nasdaq 100 are down by 0.86%, 0.75% and 1.06% respectively.
The FTSE 100 plunged 2.26% while STOXX 600 and DAX is down by 2.82% and 3.61% respectively.
“The real fear is that China backs Russia and the relationship between China and the U.S. continues to deteriorate,” said Robert Cantwell, chief investment officer at Upholdings to CNBC. He added, “How it changes the U.S. relationships with the other economic superpowers – that’s what’s really scary and would affect economic outcome.”
Possible invasion of Ukraine could lead to U.S. and Europe put sanctions on Russia tightening oil supply further. This incentivized crude prices to reach 7-year high with WTI is up by 0.08% at $93.17 while Brent is marginally down by 0.01% to $94.43 per barrel.
