- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
- Jila Mossaed, from refugee poet to Swedish Academy
- Will Tesla's robotaxi reveal live up to hype?
- Drugs, people smuggling at heart of Mexico's raging violence
- 'Invisibility' and quantum computing tipped for physics Nobel
- Musk says he is 'all in' on Trump in US election
- Category 5 Hurricane Milton roars towards storm-battered Florida
- Carpenter bomb stuns Guardians as Tigers level series
- Harris, Trump and Biden mark Oct. 7 attacks as US election looms
- Oil prices extend gains on Mideast tensions, Wall Street falls
- US judge orders Google to open Android to rival app stores
- On attacks anniversary, Israel fights 'sacred' multi-front war
- Nobel scientist uncovered tiny genetic switches with big potential
- Grammy-winning Cissy Houston, mother of Whitney, dies at 91
- UN biodiversity summit in Colombia aims to turn words into action
- Georgia Supreme Court reinstates six-week abortion ban
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- On attacks anniversary, Israel fights multi-front war
- Mexican mayor murdered days after taking office
- Intensifying to Category 5, Hurricane Milton targets Florida
- Mission to probe smashed asteroid launches despite hurricane
- Biden, Harris mark Oct. 7 with call for Mideast peace
- Dupont set for Toulouse return after post-Olympic holiday
- French rugby bosses tighten discipline after nightmare Argentina tour
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Visitors to get rare view of Rome's Trevi Fountain
- Europe's asteroid mission Hera launches despite hurricane
- Man City and Premier League both claim victory in legal case
- Deschamps delight as 'light back on' for Pogba after doping ban
- Biden, Harris urge Mideast peace on Oct. 7 anniversary
- Neeskens, tough midfielder in Cruyff's Ajax and Dutch teams
- UN warns world's water cycle becoming ever more erratic
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- Ex-Dutch football star Johan Neeskens dies
RBGPF | 100% | 60.52 | $ | |
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BCE | -0.54% | 33.53 | $ | |
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BP | 0.78% | 33.14 | $ |
Stocks sink as atomic plant shelling adds to Ukraine fears
Asian markets tumbled Friday and crude bounced as news that Europe's biggest nuclear power plant was on fire after Russian shelling fuelled a flight to safety and ramped up fears about the Ukraine war.
As Vladimir Putin's forces stepped up their invasion, Ukraine's foreign minister demanded an immediate ceasefire to avoid disaster at the Zaporizhzhia plant after its power unit was hit.
The International Atomic Energy Agency warned of "severe damage" if the reactors were hit and while Ukrainian authorities said the situation was now secured traders remain on edge.
Ukraine President Volodymyr Zelensky accused Russia of "nuclear terror".
The news comes as Moscow presses ahead with its incursion into its neighbour that has sent global markets spiralling and commodities such as wheat, metals and particularly oil soaring. That has in turn fuelled concerns the global recovery from Covid will be derailed.
Tokyo and Hong Kong led losses across Asia while Sydney, Shanghai, Seoul, Singapore, Taipei, Manila and Wellington were also well down.
The losses followed steep selling pressure in New York and Europe, and Wall Street futures were sharply down Friday.
The dollar dipped against the safe-haven yen though it rose against most other currencies, including sitting at its highest level against the euro since mid-2020.
Gold -- a go-to asset in times of uncertainty -- was also up.
At the same time both main crude contracts rose, having retreated Thursday partly on hopes for an Iran nuclear deal that would allow Tehran to restart exports to the world market.
While world governments have not included Russian oil in their wide-ranging sanctions on Moscow owing to concerns about the impact on prices and consumers, trade has become increasingly tough as banks pull financing and shipping costs rise.
On Friday, the China-backed Asian Infrastructure Investment Bank (AIIB) said it will suspend business related to Russia and its neighbour Belarus, saying it was "in the best interests of the bank".
"The headlines about the Russian shelling of that nuclear plant are clearly driving a flight to quality trade," Chamath de Silva at BetaShares Holdings in Sydney said. "It's classic risk off right now."
Others pointed out that the war has exacerbated selling by profit-takers after world markets enjoyed a near two-year rally thanks to pandemic-era financial support.
Meanwhile, French President Emmanuel Macron said he fears the "worst is to come" after a conversation with Putin, who has said he intends to topple the government in Kyiv.
The conflict further complicates attempts by governments and central bankers to bring down soaring inflation, which has been fanned by their Covid largesse as well as elevated energy costs and supply chain snarls.
Federal Reserve boss Jerome Powell said this week that he intends to raise interest rates this month, though he tempered expectations of a half-point rise and instead indicated a considered approach to tightening policy.
"Rising commodity prices are a big concern for the market, prompting fears of stagflation," Fiona Cincotta of City Index said.
"The economic clinch point of this war is commodity prices. Higher energy prices, slowing growth, and surging inflation are not a good outlook."
- Key figures around 0230 GMT -
Brent North Sea crude: UP 2.3 percent at $112.99 per barrel
West Texas Intermediate: UP 2.7 percent at $110.60 per barrel
Tokyo - Nikkei 225: DOWN 2.1 percent at 26,020.60 (break)
Hong Kong - Hang Seng Index: DOWN 2.4 percent at 21,918.90
Shanghai - Composite: DOWN 0.7 percent at 3,456.93
Dollar/yen: DOWN at 115.40 yen from 115.45 yen late Thursday
Euro/dollar: DOWN at $1.1039 from $1.1069
Pound/dollar: DOWN at $1.3339 from $1.3350
Euro/pound: DOWN at 82.75 pence from 82.89 pence
New York - Dow: DOWN 0.3 percent at 33,794.66 (close)
London - FTSE 100: DOWN 2.6 percent at 7,238.85 (close)
S.F.Warren--AMWN