Signs of the Ukrainian war plunge world stock markets into losses

The global stock exchanges sank in waves of losses, affected by the signs of a major war in Eastern Europe.

MSCI's index of Asia Pacific shares outside Japan was on track for its worst day this month, down 1.66%, weighed down by markets in Hong Kong and mainland China. Japan's Nikkei index fell 1.7%.

US and European markets also braced for sharp losses at the opening bell, with S&P 500 futures down 1.4%, Nasdaq futures down 1.9%, and S&P 500 futures down 1.9%. Euro Stoxx 50 futures fell 1.1%, FTSE futures lost 0.6%.

Asian stocks and US and European futures all declined further earlier in the session.

In Hong Kong, shares of Russian aluminum producer Oki Rusal fell 22.1%, the largest daily percentage drop since April 2018.

Chinese technology shares listed in Hong Kong also fell 2.3%, with Tencent and Alibaba hit by speculation about a new wave of regulatory scrutiny.

Brent crude futures, on the other hand, rose close to $99, a new seven-year high, amid concerns that Russian energy exports could be disrupted. Spot gold rose 0.1% to $1,908.10, having previously reached a new six-month high of $1,913.89.

Putin on Monday recognized the independence of two separatist regions in eastern Ukraine and ordered the Russian military to launch what Moscow called a peacekeeping operation in the region, exacerbating a crisis that could unleash Unleash a major war.

Washington and European capitals condemned the move and vowed to impose new sanctions. The Minister of Foreign Affairs of Ukraine said that he had received assurances from the European Union of a firm and unified response.