Berliner Boersenzeitung - Oil tops $100, havens rally, stocks dive as Russia invades Ukraine

EUR -
AED 3.9268
AFN 75.677586
ALL 100.305858
AMD 414.913785
ANG 1.926403
AOA 914.580027
ARS 968.340462
AUD 1.603463
AWG 1.924341
AZN 1.814721
BAM 1.95728
BBD 2.158232
BDT 125.590281
BGN 1.956599
BHD 0.402926
BIF 3073.509394
BMD 1.069079
BND 1.448195
BOB 7.385585
BRL 5.813668
BSD 1.068908
BTN 89.259004
BWP 14.405895
BYN 3.498045
BYR 20953.938752
BZD 2.154529
CAD 1.463531
CDF 3044.735655
CHF 0.953629
CLF 0.036108
CLP 996.328153
CNY 7.762259
CNH 7.790749
COP 4460.430732
CRC 558.722543
CUC 1.069079
CUP 28.33058
CVE 110.346903
CZK 24.945558
DJF 190.313928
DKK 7.457784
DOP 63.087121
DZD 143.956711
EGP 50.998894
ERN 16.036178
ETB 61.676344
FJD 2.397676
FKP 0.838801
GBP 0.845503
GEL 2.961293
GGP 0.838801
GHS 16.194247
GIP 0.838801
GMD 72.456804
GNF 9201.614587
GTQ 8.29404
GYD 223.499025
HKD 8.342394
HNL 26.439501
HRK 7.503261
HTG 141.675819
HUF 396.882529
IDR 17602.965624
ILS 4.008825
IMP 0.838801
INR 89.335833
IQD 1400.245861
IRR 45008.204922
ISK 149.093864
JEP 0.838801
JMD 166.465893
JOD 0.757658
JPY 169.843451
KES 137.379843
KGS 92.899607
KHR 4406.33236
KMF 491.722562
KPW 962.170797
KRW 1484.918058
KWD 0.327961
KYD 0.890774
KZT 497.506247
LAK 23496.769809
LBP 95719.589476
LKR 326.396843
LRD 207.476908
LSL 19.133333
LTL 3.156711
LVL 0.646674
LYD 5.181919
MAD 10.644952
MDL 19.13347
MGA 4839.660071
MKD 61.576568
MMK 3472.325291
MNT 3688.320956
MOP 8.591097
MRU 42.091257
MUR 50.075382
MVR 16.447742
MWK 1853.301589
MXN 19.529822
MYR 5.038594
MZN 68.094998
NAD 19.133512
NGN 1602.549002
NIO 39.349022
NOK 11.268317
NPR 142.814005
NZD 1.743138
OMR 0.411526
PAB 1.068908
PEN 4.067624
PGK 4.168997
PHP 62.903553
PKR 297.687531
PLN 4.321589
PYG 8045.783717
QAR 3.898494
RON 4.976989
RSD 117.052312
RUB 94.611643
RWF 1403.46139
SAR 4.010464
SBD 9.023205
SCR 14.567934
SDG 642.51627
SEK 11.243151
SGD 1.447046
SHP 1.350727
SLE 24.42556
SLL 22418.043818
SOS 610.861974
SRD 32.812692
STD 22127.76665
SVC 9.352942
SYP 2686.092279
SZL 19.124927
THB 39.159694
TJS 11.362393
TMT 3.741775
TND 3.351735
TOP 2.522758
TRY 35.122119
TTD 7.253486
TWD 34.578272
TZS 2806.331519
UAH 43.232678
UGX 4008.031138
USD 1.069079
UYU 42.101249
UZS 13510.027619
VEF 3872793.057869
VES 38.840321
VND 27216.066112
VUV 126.923112
WST 2.994077
XAF 656.453453
XAG 0.035025
XAU 0.000452
XCD 2.889238
XDR 0.811213
XOF 656.444236
XPF 119.331742
YER 267.644047
ZAR 19.135968
ZMK 9622.993081
ZMW 27.230594
ZWL 344.242843
  • RBGPF

    0.0000

    56.5

    0%

  • CMSC

    -0.1050

    24.4507

    -0.43%

  • SCS

    0.5000

    12.68

    +3.94%

  • RYCEF

    -0.1300

    6

    -2.17%

  • NGG

    -0.1700

    57.68

    -0.29%

  • BCE

    0.0900

    32.88

    +0.27%

  • RELX

    -0.0600

    45.59

    -0.13%

  • BCC

    -1.2900

    121.43

    -1.06%

  • RIO

    -0.7400

    66.18

    -1.12%

  • CMSD

    0.0900

    24.33

    +0.37%

  • JRI

    -0.0950

    11.935

    -0.8%

  • BP

    0.0600

    35.77

    +0.17%

  • VOD

    -0.0750

    9.015

    -0.83%

  • AZN

    0.5100

    79.07

    +0.64%

  • GSK

    -0.4400

    40.32

    -1.09%

  • BTI

    0.0050

    31.505

    +0.02%

Oil tops $100, havens rally, stocks dive as Russia invades Ukraine

Oil tops $100, havens rally, stocks dive as Russia invades Ukraine

Oil prices soared past $100 and safe havens rallied while equities tumbled Thursday after Russian President Vladimir Putin sent forces into Ukraine, accelerating fears of a major war in eastern Europe.

Text size:

After weeks of warnings from the United States and other powers, the Kremlin -- which is said to have around 200,000 lined up -- ordered a wide-ranging offensive into its neighbour, days after saying it would provide "peacekeepers" to two breakaway regions.

The Russian president said in a surprise statement on television: "I have made the decision of a military operation."

He also vowed retaliation against anyone who interfered and called on the Ukraine military to lay down its arms.

There were later reports of incursions from several directions, with Ukraine's border guard service saying Russian tanks and other heavy equipment crossed the frontier.

The news sparked a furious reaction from world leaders and pledges to ramp up sanctions on Moscow.

Oil prices rocketed more than six percent with Brent cruising past $100, for the first time since September 2014, while other commodities including wheat rallied on fears about supplies from the resource-rich region. Aluminium hit a record high.

Safe have assets also surged, with gold hitting a more than one-year high, the Japanese yen piling higher against the dollar and the Swiss franc hitting a five-year high on the euro.

The dollar was up nine percent against the ruble, which has been battered in recent weeks on worries about the impact of sanctions on the Russian economy, while the Moscow Stock Exchange plunged almost 14 percent after suspending trading earlier in the day.

The country's central bank said it was intervening to "stabilise the situation".

Asian equities plunged, with Hong Kong, Sydney, Mumbai, Singapore and Wellington down at least three percent, while Seoul, Taipei, Bangkok and Manila fell more than two percent. There were also steep losses in Tokyo, Shanghai and Jakarta.

London lost more than two percent at the open while Paris and Frankfurt lost more than four percent.

"It is hard to find any reasons for the selloff to reverse now that it appears the tanks are rolling," said OANDA's Jeffrey Halley.

"Stronger sanctions are to come on Russia and energy prices will inevitably head higher in the short term."

Ukrainian President Volodymyr Zelensky had earlier warned Russia could start "a major war in Europe" in the coming days.

US President Joe Biden deplored the Russian operation as an "unprovoked and unjustified" attack, adding that it would cause "catastrophic loss of life and human suffering". Further stringent sanctions would be announced, he said.

He was joined by leaders around the world, with NATO ambassadors holding an urgent meeting and the European Union saying Moscow would face "unprecedented isolation".

Earlier, the United Nations was told a full-scale Russian invasion would have a devastating global impact that would likely spark a new "refugee crisis".

China called for "restraint" on all sides.

"Russia/Ukraine tensions bring both a possible demand shock (for Europe), and more importantly a much larger supply shock for the rest of the world given the importance of Russia and Ukraine to energy, hard commodities and soft commodities," said National Australia Bank's Tapas Strickland.

The crisis comes as governments struggle to contain runaway inflation fuelled by demand as life returns after recent Covid-19 lockdowns, with many fearing the fragile global economic recovery from the pandemic could be knocked off course.

After staging a slight bounce Wednesday in reaction to what were considered light sanctions against Moscow, Asian markets were back in the red after a hefty drop on Wall Street.

- 'Policy mistakes' -

The stand-off in Europe has provided central banks with a further headache as they move to lift pandemic-era financial support and tighten monetary policy.

Attention is on every utterance from Federal Reserve officials as they prepare to hike interest rates next month, with speculation over how fast and hard it will move.

Commentators said bets are on six increases this year, down from previous forecasts for up to seven, adding the stakes are rising further.

"Policy mistakes at this point in time are almost guaranteed," Shana Sissel of Banrion Capital Management told Bloomberg Television.

"The question isn't, 'Is there going to be a policy mistake?', but, 'How bad will it be? Will the Fed hike too much too fast, will they front-load everything?'"

And with uncertainty reigning supreme, warnings abound of worse to come, with BNY Mellon Investment Management's Lale Akoner saying: "Expect volatility to really persist in the next few months."

Geopolitical risks were flaring at a "very inopportune time", she added, as traders try to navigate central bank tightening.

- Key figures around 0710 GMT -

Brent North Sea Crude: UP 6.8 percent at $103.38 per barrel

West Texas Intermediate: UP 6.4 percent at $97.97 per barrel

Tokyo - Nikkei 225: DOWN 1.8 percent at 25,970.82 (close)

Hong Kong - Hang Seng Index: DOWN 3.2 percent at 22,901.56 (close)

London - FTSE 100: DOWN 2.7 percent at 7,298.98

Shanghai - Composite: DOWN 1.7 percent at 3,429.96 (close)

Dollar/yen: DOWN at 114.61 yen from 114.96 yen late Wednesday

Euro/dollar: DOWN at $1.1251 from $1.1308

Pound/dollar: DOWN at $1.3478 from $1.3545

Euro/pound: UP at 83.46 pence from 83.41 pence

New York - Dow: DOWN 1.4 percent at 33,131.76 (close)

(L.Kaufmann--BBZ)