Global markets tumbled steeply yesterday as Russia launched a military assault on Ukraine, with investors bracing for a period of turmoil and energy-related disruptions.
Most major Asian stock indexes fell about 3%, and markets in Europe dropped just as sharply in the early hours. For many indexes, it was the steepest decline since late last year, when the Omicron Covid-19 variant sparked fears of another dark phase in the pandemic. In the US, Dow futures sank more than 700 points.
Although the Russian incursion is just beginning, signals yesterday, including strikes across Ukraine, suggested a wide-ranging military offensive that would trigger deep sanctions from the US and EU, hurting not just the Russian economy, but the whole world’s.
The price of Brent crude oil surged past $105 a barrel for…