Global Financial Markets Shake Amid Ukraine Invasion... Stock Markets Plunge and Oil Prices Surpass $100 (Update)

Asian Stocks Including Japan and Australia Plunge 2-3%
US New York Stock Futures Also Decline
Brent Oil Surpasses $100 for the First Time in 8 Years
Cryptocurrency Down 7%...Gold Price Up 1%
US Treasury Yields Fall

[Image source=Yonhap News]

[Asia Economy Reporter Kang Hee-jong] The global financial markets are experiencing significant turmoil following news of Russia's invasion of Ukraine. While Asian stock markets are plummeting, the U.S. New York stock futures market is also showing a downward trend. Brent crude oil futures prices have surpassed $100 for the first time in eight years.

According to foreign media on the 24th, the Asia-Pacific MSCI index, excluding Japan, was down 3.2% in the afternoon. The Australian stock market also plunged about 3%, while Japan's Nikkei 225 index fell by up to 2.4%. In New York, S&P 500 futures dropped 2.3%, and Nasdaq futures fell 2.5%. In the afternoon, China's Shanghai Composite Index declined nearly 0.9%, and Hong Kong's Hang Seng Index plunged more than 3%.

South Korea's stock market also showed a decline in the mid-to-high 2% range for both the KOSPI and KOSDAQ as of 2 p.m. that day.

The cryptocurrency market is also not spared. According to CoinDesk, as of 1:40 p.m. Korean time, Bitcoin's price was $35,189.80 (approximately 42.3 million KRW), down 7.33% compared to 24 hours earlier.

Brent crude oil futures prices surged 3.5% immediately after Russia announced the start of its military operation in Ukraine, reaching $100 per barrel (approximately 120,000 KRW) for the first time since September 2014. U.S. West Texas Intermediate (WTI) crude oil also soared 4.6% to $96.22 per barrel, marking the highest level since August 2014.

Gold prices, considered a safe-haven asset, also rose 1% to $1,928.33 per ounce (approximately 2.32 million KRW).

With rising geopolitical risks, U.S. Treasury yields have been volatile. The 10-year U.S. Treasury yield fell from 1.977% to 1.868%, while the 2-year Treasury yield dropped to 1.5%.

Earlier that day, Russian President Vladimir Putin officially announced a special military operation in the Donbas region of eastern Ukraine. Immediately afterward, U.S. media outlets including CNN and NBC News reported hearing explosions in Kyiv, the capital of Ukraine.

U.S. President Joe Biden condemned the invasion in a statement, saying, "Russia is responsible for the loss of life and destruction this invasion will cause," and added, "The United States, along with its allies and partners, will respond in unity."

This content was produced with the assistance of AI translation services.