Asian markets are plunging as tensions escalate between Ukraine and Russia

Japan Standard Nikkei 225 (N225) It was down 2% in morning trading. Hong Kong Hang Seng Index (HSI) It decreased by 2.2%, while Korea Cosby (Cosby) lost 1.4%. China Shanghai boat (schcombe) Australia’s S&P/ASX 200 both fell more than 1%.

The decline in Asia was preceded by a similar drop in US stock futures earlier Monday evening local time.

daw (INDU) Futures were down 443 points, or 1.3%. S&P 500 futures are down 2.2%, while Nasdaq futures are down 3.26%.

“It looks like the situation could escalate significantly at any moment and this will keep investors on their toes for the time being,” Craig Erlam, chief market analyst at Oanda, wrote in a research note on Tuesday. “We may be on the brink of something horrible happening and this continues to feed negativity in the markets,” he added.

The uncertainty was further reflected by the sharp rise in oil prices. US crude futures jumped 3.5 percent to trade at $94.24 a barrel. Brent crude rose 2.2 percent to $97.42 a barrel.

Summit between US President Biden and Russian President Vladimir Putin ImprobableA senior administration official told reporters, following intelligence and indications on the ground, that Russia is likely to take military action in neighboring Ukraine.
Markets in the US were closed on Monday for the President’s Day holiday. last fridayThe Dow closed down about 233 points, or 0.7%. The S&P 500 and Nasdaq Composite Index ended the day with losses of 0.7% and 1.2%, respectively. All three indicators ended the past week in red for the second week in a row.

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