JAKARTA – After Western countries imposed new sanctions on Russia over its invasion of Ukraine, including blocking several banks from the SWIFT international payment system, crude oil prices soared and the ruble plunged nearly 30 percent to new record lows.
Safe demand pushed bond yields along with the dollar and yen higher, while the euro slumped after Russian President Vladimir Putin put the nuclear-armed forces on high alert, since Sunday, February 27.
Tensions in the Russia-Ukraine conflict have raised concerns that oil supplies from the world's second-largest producer could be disrupted. This sent the price of Brent crude futures soaring 4.21 dollars, or 4.3 percent, to trade at 102.14 dollars per barrel.
US West Texas Intermediate (WTI) crude futures rose 4.58 dollars, or 5.0 percent, to trade at 96.17 dollars per barrel.
Kyle Rodda, a market analyst at IG Australia said US and European futures fell, but Asia-Pacific shares were mostly higher in volatile trading, supported by Wall Street's gains on Friday, February 25, when the S&P 500 Index closed up 2 51 percent.
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"We had a flood of very negative information over the weekend", said Rodda. "My feeling is there isn't going to be much defensive power behind this particular move (in Asia-Pacific stocks), given that we're talking about financial stability risks and the threat of nuclear war."
"Volatility is increasing. Price action is very choppy", he said.
US Emini futures are pointing to a 1.57 percent decline on the restart, while pan-European EURO STOXX 50 futures lost 2.83 percent.
Japan's Nikkei 225 Index rose 0.48 percent, recovering from earlier losses. Australia's benchmark index added 0.64 percent after also dropping at one point. However, China's leading stock index (CSI300) slipped by 0.21 percent. The MSCI regional stock index edged up 0.09 percent.
Meanwhile, the yield on the 10-year US Treasury fell about 6 basis points to 1.92 percent, and the yield on the Australian equivalent was also down about 6 basis points, to 2.18 percent.
The euro fell 0.9 percent to 1.1170 dollars and 0.87 percent to 129.065 yen, while the risk-sensitive Australian and New Zealand dollars shed 0.66 percent and 0.76 percent, respectively.
The ruble fell 29.37 percent to a record low of 119 per dollar.
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