Asian stocks plunge after Putin announces action in Ukraine – The Peninsula Qatar

Asian stocks plunge after Putin announces action in Ukraine – The Peninsula Qatar

Beijing: Asian stock markets plunged and oil prices surged to nearly $100 a barrel Thursday after President Vladimir Putin announced Russian military action in Ukraine.

Market benchmarks in Tokyo and Seoul fell 2%. Hong Kong and Sydney lost more than 3%.

Oil prices jumped more than $4 on anxiety about possible disruptions of Russian supplies. The ruble fell 5% against the dollar.

Wall Street futures fell. The future for Germany's benchmark DAX index lost more than 4% and London's FTSE 100 was off 2.2%.

Putin said the military operation was needed to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion. As Putin spoke, explosions were heard in Kyiv, Kharkiv and other areas of Ukraine.

President Joe Biden denounced the attack as "unprovoked and unjustified" and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions. Putin accused them of ignoring Russia’s demand to prevent Ukraine from joining NATO and to offer Moscow security guarantees.

"The relief rally has quickly reversed course,” said Jeffrey Halley of Oanda in a report. "Equities are tanking in Asia.”

On Wednesday, Wall Street's benchmark S&P 500 index fell 1.8% to an eight-month low after