Global stocks plunged while dollar, gold and oil prices rocketed higher after the Russian attacks on Ukraine.

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%.

Wall Street’s benchmark S&P 500 index fell 1.8% to an eight-month low. More than 85% of stocks in the S&P 500 fell. Tech companies weighing down the index most.

The Nasdaq, dominated by technology stocks, lost 2.6% to 13,037.49, led by steep losses in Apple and Microsoft. That put the index 18.8% below its November 2021 high.

The Dow Jones Industrial Average fell 1.4% to 33,131.76.

In energy markets, benchmark U.S. crude jumped $4.36 to $96.46 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to $92.10 on Wednesday. Brent crude, the price basis for international oils, advanced $4.32 to $98.37 per barrel in London. It lost 20 cents to $94.05 the previous session.

The dollar weakened to 114.56 yen from Wednesday’s 114.98 yen. The euro fell to $1.1211 from $1.1306.

Asian markets tumble
Asian stock markets plunged and oil prices surged to nearly $100 a barrel Thursday.

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.

The Nikkei 225 in Tokyo fell 2.2% to 25,855.04 and the Hang Seng in Hong Kong lost 3.1% to 22,925.60. The Shanghai Composite Index was off 0.9% at 3,458.12.

Asian economies face lower risks than Europe does, but those that need imported oil might be hit by higher prices if supplies from Russia, the third-largest producer, are disrupted, forecasters say.

The Kospi in Seoul lost 2.6% to 2,649.29 and Sydney’s S&P-ASX 200 fell 3.1% to 6,983.40..

India’s Sensex was down 3.5% at 55,238. New Zealand lost 3.3% and Southeast Asian markets also fell.

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

Russia suspends trading
The Moscow Exchange announced on Thursday that it has suspended trading on all of its markets until further notice.

The announcement followed depreciation in the Russian stock markets and the ruble amid the start of a Russian military operation in neighboring Ukraine.

After President Vladimir Putin announced a military operation in Ukraine, the Moscow Stock Exchange dropped by more than 11%.

The US dollar/ruble parity also hit a record level of 90.
-AP/Reuters