Equity markets plunge, while oil prices soar to a near 14-year high and gold breaks $2,000 as investors grow fearful about the impact of the Ukraine war on the global economy
The International Monetary Fund has warned that the war and sanctions on Russia will severally impact the global economy.
Trading floors on Monday were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under already high inflation. With the country the third-biggest producer of oil, such a move would compound a supply crisis just as demand takes off. Other commodities sourced from the region such as wheat and metals were also sharply higher.
Concerns about the impact on the global economy have rattled through markets, with European equities particularly badly hit owing to the continent's reliance on Russian energy. The euro remained wedged below $1.10 for the first time since mid-2020.
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