Asian shares slide after Russian attacks indicate no quick end to war in Ukraine
Asian shares were mostly lower Friday as a resurgence of Russian attacks dashed hopes for any quick end to the war in Ukraine.
The war in Ukraine, coming on top of supply chain disruptions at top manufacturers caused by COVID-19 restrictions and growing worries about inflation, especially soaring energy costs, are clouding the outlook for already fragile growth in the world’s third largest economy. South Korea’s Kospi lost 0.6 per cent to 2,741.79. Australia’s S&P/ASX 200 edged up 0.1 per cent to 7,507.50. Hong Kong’s Hang Seng shed 0.8 per cent to 21,818.42, while the Shanghai Composite added 0.9 per cent to 3,280.20.
The S&P 500 lost 1.6 per cent to 4,530.41. Its loss since the beginning of the year is 4.9 per cent. The Dow Jones Industrial Average also fell 1.6 per cent, to 34,678.35. The Nasdaq composite fell 1.5 per cent to 14,220.52. Both indexes also notched gains for March, thanks largely to a market rally in the two weeks heading into this week.Oil prices fell as President Joe Biden ordered the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve.
An inflation gauge that is closely monitored by the U.S. Federal Reserve jumped 6.4 per cent in February compared with a year ago, marking the largest year-over-year rise since January 1982. Banks also fell along with bond yields, which forces interest rates on loans lower, making lending less profitable for banks. The yield on the 10-year Treasury slipped to 2.34 per cent from 2.36 per cent late Wednesday. Bank of America fell 4.1 per cent.Higher prices for everything from energy to food are a key concern of central banks, which are moving to raise interest rates to help temper the impact.
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