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View all search resultsMarkets tumble, oil rises on Ukraine conflict fears
Asian stock markets dropped on Monday and European ones opened sharply slower while oil prices rallied on rising tension around the Ukraine conflict.
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Traders work on the floor of the New York Stock Exchange (NYSE) on Feb. 4, in New York City, the United States. (Getty Images via AFP/Spencer Platt)
A
sian and European markets sank and oil prices rallied on Monday after the United States warned Russia could attack Ukraine within days, while fears over inflation were also keeping traders on edge.
The losses matched a sell-off in New York on Friday as Western powers prepare for a conflict in eastern Europe after Russian President Vladimir Putin dismissed calls by US counterpart Joe Biden and others to pull back.
Some governments have told their citizens to leave Ukraine and US national security adviser Jake Sullivan warned last week that an invasion could begin "any day now" and would likely start with "a significant barrage of missiles and bomb attacks".
German Chancellor Olaf Scholz was preparing to visit Kyiv and Moscow to try to head off the crisis.
The prospect of a conflict compounded the gloomy mood on trading floors after data on Thursday showed US inflation hit a forecast-busting 7.5 percent in January, ramping up pressure on the Federal Reserve to hike interest rates by more than expected.
After sharp Wall Street losses on Friday, the dip continued in Asia.
Tokyo and Mumbai each shed more than 2 percent, while Hong Kong, Shanghai, Seoul, Wellington and Taipei were at least 1 percent down. Singapore and Bangkok were also off, though Sydney and Manila rose.
