Asian stock markets fall and oil rises to almost 100 dollars a barrel due to tension in Ukraine

Asian markets succumbed as oil and safe-haven assets rose on Tuesday, after the Russian president Vladimir Putin ordered troops to be sent to two breakaway regions in eastern Ukrainewhich intensified geopolitical tension and fear of conflict.

The investors left in disarray after Putin recognized the breakaway regions of Donetsk and Lugansk and ordered to send “peacekeeping” forces.

SIGHT: Putin Orders Russian Army to Enter Ukraine’s Separatist Territories

The prospect of war and tough sanctions has raised fears of a hit to supplies of key goods such as oil, wheat and nickel.

The rawwhich has risen more than 20% this year due to growing demand, It rose more than 3% on Tuesday and approached the $100 a barrel mark for the first time since 2014.

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Not even the prospect of a nuclear deal with Iran, which would allow Tehran to resume oil exports, could moderate the increase.

Hong Kong stocks fell more than 3% and of Tokyo more than 2%while Shanghai, Sydney, Seoul, Taipei and Bangkok lost more than 1%.

As well losses were recorded in Singapore, Manila, Jakarta and Wellington.

“It is a fluid situation due to the changing geopolitical issues that we have”said Chris Weston of Pepperstone Financial Pty.

The uncertainty of the markets also valued safe-haven shares. Gold surpassed $1,900 and approached its highest level in the last year, while the Japanese yen strengthened against the dollar.

The US currency also strengthened against other currencies, including a 4% gain against the Russian ruble.

“Uncertainty continues to reign,” said Cristian Maggio of TD Securities. “In the event of an armed conflict, Russian assets will be significantly weakened more than now.”

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Source: Elcomercio

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