May 22, 2022

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Asian markets are plunging as tensions escalate between Ukraine and Russia

Asian markets are plunging as tensions escalate between Ukraine and Russia
Japan Standard Nikkei 225 (N225) It decreased by 1.9%, and Korea Cosby (Cosby) lost 1.4%. China Shanghai boat (schcombe) Australia’s S&P/ASX 200 both fell more than 1%.
Hong Kong Hang Seng Index (HSI) It fell 3.2 percent, poised to incur its biggest daily loss in five months.
The decline in Asia was preceded by a similar drop in US stock futures earlier Monday evening local time. daw (INDU) Futures fell 458 points, or 1.4%. S&P 500 futures fell 2.3%, while Nasdaq futures were down 3.3%.

“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.

Chinese technology stocks hit

Concerns about a renewed tech crackdown by Beijing have also dealt a blow to some of the largest Chinese companies in the sector.

The Hang Seng Tech Index, which tracks the city’s 30 largest listed technology companies, lost 3% on Tuesday, on track to decline for a third day in a row.

On Friday, Chinese authorities Released new rules Request food delivery platforms to lower the service fees they charge businesses.

Online food delivery platform Meituan fell 6% on Tuesday. The stock has fallen 23 percent since Friday.

And social media and gaming giant Tencent is down nearly 2%. The company also owns a large stake in Meituan.

Alibaba Group (Baba)which owns food delivery platform Ele.me, is down 3.9%.

high oil

On the oil front, the uncertainty over Ukraine was reflected by the sudden rise in futures contracts. US crude futures jumped 3.1 percent to trade at $93.86 a barrel. Brent crude rose 1.5 percent to $96.78 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.