Stocks deepen week’s losses as Ukraine invasion escalates
- Stocks extended their losses for the week on Friday as investors piled into government bonds and gold for cover while scrutinising the latest twists in Russia’s escalating invasion of Ukraine, which included seizing a huge nuclear plant.
- Industrial metals, grains and oil gained while Asian shares mined 16-month lows after news of a fire, later extinguished, near a Ukraine nuclear facility following fighting with Russian force.
- In Europe, the STOXX (.STOXX) index of 600 companies sank 431 points, hitting a new low for the year , meaning down 10% from its highs.
- “You have escalating inflation risk, you have huge uncertainty about what’s going to happen next on the headline front, and a Russian president who wouldn’t rule out nuclear weapons – that is a pretty toxic backdrop,” said Michael Hewson, chief markets analyst at CMC Markets