Benchmarks were higher in early trading in Tokyo, Sydney and Shanghai. Hong Kong declined and markets were closed in South Korea for a holiday. U.S. futures edged lower and oil prices rose.
“The end game continues to elude. While the ceasefire talks at the Belarus-Ukraine border ended, the military fires certainly have not ended by any means alongside sanctions being raised further,” Tan Boon Heng at Mizuho Bank in Singapore said in a commentary. The value of the Russian ruble plunged to a record low after Western countries moved to block some Russian banks from a key global payments system. On Monday, the U.S. Treasury Department announced more sanctions against Russia’s central bank.
Ordinary Russians facing likely higher prices and crimped foreign travel due to Western sanctions lined up at banks and ATMs on Monday. Deeper economic turmoil may loom if price shocks and supply-chain issues cause Russian factories to shut down due to lower demand. The war in Ukraine is raising expectations that the Federal Reserve may have to adopt a gentler approach to raising interest rates in order to fight inflation.
The Fed is treading a tightrope, needing to raise rates enough to curb inflation but not by so much as to choke the economy into a recession. Higher rates also put downward pressure on various investments from stocks to cryptocurrencies.
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