U.S. stock futures and global equity indexes dropped after Russian forces intensified strikes across Ukraine and as the threat of a potential ban on imports of Russian oil helped spur a surge in energy prices.
By midmorning Monday Hong Kong time, futures tied to Dow Jones Industrial Average, S&P 500 and Nasdaq-100 had declined between 1.2% and 2%, suggesting U.S. markets could come under pressure in Monday’s trading. Futures tied to Europe’s Euro Stoxx 50 index fell 3.3%.
Stock benchmarks in the Asia-Pacific region fell sharply Monday, with South Korea’s Kospi Composite and the mainland Chinese CSI 300 both falling more than 2%. Japan’s Nikkei 225 shed more than 3% and Hong Kong’s Hang Seng Index fell more than 4%, putting it on pace to close at a multiyear low.
Front-month futures for Brent crude, the global oil benchmark, jumped 8.2% to $127.76 a barrel, after earlier topping $130. The U.S. equivalent, West Texas Intermediate, added 7.1% to $123.85. The U.S. and European partners are discussing a ban on imports of Russian oil, Secretary of State Antony Blinken said Sunday.
The yield on the benchmark 10-year U.S. Treasury note stood 0.037 percentage point lower at 1.685%, according to Tradeweb. Bond yields fall as prices rise.
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Read More: Global Markets Fall After Oil Hits $130 a Barrel