Asia markets sink as tensions between Ukraine and Russia climb
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“It feels like the situation can dramatically escalate at any moment and that’s going to keep investors on edge for now,” wrote Craig Erlam, senior market analyst at Oanda, in a research note on Tuesday. “We may well be on the brink of something terrible happening and that’s continuing to feed into the negativity in the markets,” he added.
Chinese Tech Stocks hammered
Worries about a renewed tech crackdown by Beijing have also dealt a blow to some of the biggest Chinese companies in the sector.
The Hang Seng Tech Index, which tracks 30 largest tech companies listed in the city, lost 3% on Tuesday, on track to drop for a third day in a row.
Online food delivery platform Meituan fell 6% on Tuesday. The stock has plunged 23% since Friday.
Social media and gaming giant Tencent fell nearly 2%. The firm also holds a major stake in Meituan.
Oil surges
On the oil front, the uncertainty about Ukraine was further reflected by a spike in futures. US crude futures jumped 3.1% to trade at $93.86 per barrel. Brent crude rose 1.5% to $96.78 per barrel.
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Source : cnn
