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Asian stocks fall after West vows more Russia sanctions – Press Telegram

By JOE McDONALD

BEIJING (AP) – Asian stock markets fell on Friday after Western governments promised new sanctions on Russia and President Vladimir Putin tried to support the collapse of the Moscow ruble by threatening to demand that Europe use it to pay for gas exports.

Shanghai, Tokyo, Hong Kong and Sydney have declined. Oil prices changed little but remained above $ 110 a barrel.

Wall Street’s S&P 500 benchmark rose 1.4 percent after the number of Americans applying for unemployment fell to a 52-year low.

Western leaders gathered on Thursday to pledge additional sanctions, which President Joe Biden said were intended to “increase the pain” over Putin. But leaders have not released details of possible new sanctions.

Putin has threatened to demand that European customers who depend on Russian gas supplies pay in rubles. That would increase demand for the Russian currency, raising an exchange rate that has fallen under sanctions.

European leaders on Thursday rejected the possibility, potentially creating a clash over energy supplies.

Putin’s demand is “tactical cunning aimed at thwarting sanctions” while “raising uncertainty for the West,” Mizuho Bank’s Tan Boon Heng said in a report.

The Shanghai Composite Index lost 0.3% to 3,240.22 and the Tokyo Nikkei 225 lost 0.2% to 28,062.18. Hang Seng in Hong Kong fell 1.5% to 21,619.33.

Kospi in Seoul lost less than 0.1% to 2,727.03, while Sydney’s S&P-ASX 200 gained 0.3% to 7,409.00. New Zealand, Singapore and Bangkok advanced while Jakarta descended.

On Wall Street, the S&P 500 rose to 4,520.16. The Dow Jones Industrial Average gained 1% to 34,707.94 and the Nasdaq compound rose 1.9% to 14,191.84.

Technology and communications actions have driven profits.

Large technology companies have disproportionate values ​​that tend to influence the broader market in any direction. Chip maker Nvidia rose 9.8% to make the most of the S&P 500. Facebook’s parent company, Meta, rose 2.9%.

Health actions have also increased. Insurers UnitedHealth Group added 2% and Anthem gained 2.5%.

The Russian invasion of Ukraine on February 24th has caused investor unease over the impact on the prices of oil, gas, wheat and other commodities. Russia is the second largest exporter of oil, and both Moscow and Ukraine are major suppliers of wheat.

Markets were already nervous about plans by the Federal Reserve and other central banks to fight rising inflation, reducing ultra-low interest rates and other stimuli that are boosting stock prices.

Oil prices have risen more than 50% in 2022 due to inflation concerns and possible supply disruptions.

The U.S. benchmark crude fell 10 cents to $ 112.24 a barrel in e-commerce on the New York Stock Exchange. The contract fell $ 2.59 on Thursday to $ 112.34. Brent crude, the price of international oil prices, gained 35 cents to $ 115.65 a barrel in London. It lost $ 2.57 in the previous session to $ 119.03 a barrel.

The dollar fell to 121.25 yen from 122.26 yen on Thursday. The euro has risen to $ 1.1039 since 1.0997.

Asian stocks fall after West vows more Russia sanctions – Press Telegram Source link Asian stocks fall after West vows more Russia sanctions – Press Telegram

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