Trading floors were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under already high inflation.
HONG KONG - Equity markets plunged Monday, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy.
"While I think the world is already pricing in the fact there'll be an inability to take in a serious amount of Russian oil in the western hemisphere, I don’t think we've priced in everything yet." The International Monetary Fund warned at the weekend that the war and sanctions on Russia will have a "severe impact" on the global economy.
Concerns about the impact on the global economy have rattled through markets, with European equities particularly badly hit owing to the continent's reliance on Russian energy. The euro remained wedged below $1.10 for the first time since mid-2020.
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