NEW YORK, March 8 — Oil prices gyrated and Asian shares fell today as Ukraine peace talks made little headway and the prospect of a ban on oil imports from Russia triggered investor fears over inflation and slowing economic growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.4 per cent in early trade, tracking a bruising Wall Street session. Japan’s Nikkei sank 0.3 per cent while Australian shares were down 0.24 per cent amid a sea of red across Asian markets.International oil benchmark Brent crude, which briefly hit more than US$139 a barrel in the previous session, jumped around in morning trade and was up about 0.8 per cent at US$124.20.
“Markets are volatile, however, and highly sensitive to shifts in tone. The progressive rise in breakeven inflation rates is evidence of mounting inflation concerns as commodity prices remain firmly underpinned.” Shares in US payment companies tumbled yesterday with American Express Co closing down 8.0 per cent after it said on Sunday it was suspending all operations in Russia and Belarus, joining Visa Inc, which fell 4.8 per cent and Mastercard Inc which fell 5.4 per cent after their similar announcements the previous day.
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