HONG KONG, March 7 — Equity markets plunged today, while oil prices soared to a near 14-year high and safe-haven gold broke US$2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy.
With the country the third-biggest producer of oil, such a move would compound a supply crisis just as demand takes off. Other commodities sourced from the region such as wheat and metals were also sharply higher. World governments had until now not included Russian oil in their wide-ranging sanctions on Moscow owing to concerns about the impact on prices and consumers, though trade has become increasingly tough as banks pull financing and shipping costs rise.
National Australia Bank’s Tapas Strickland said: “Global growth fears abound given the surge in commodity prices, with ‘stagflation’ again rearing its head in what must be akin to a horror movie for a central bank.
Source: News Formal (newsformal.com)
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