- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- 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
SCS | -0.15% | 12.95 | $ | |
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CMSD | -0.09% | 24.79 | $ |
Stocks sink, gas and oil prices soar over Ukraine fears
Global stock markets fell across the board Friday and energy prices soared after Russia attacked a major Ukrainian nuclear power plant, the largest in Europe, exacerbated worries about the hit to the continent and its economy.
Europe's main stock markets closed sharply lower, with Paris down five percent and Frankfurt losing 4.4 percent.
Asian indices had earlier retreated and Wall Street also lost ground to conclude a losing week on a downcast note.
The euro sank close to a two-year low under $1.10 as the Ukraine conflict clouds the eurozone's economic recovery from the coronavirus pandemic.
The greenback benefited from its status as a haven investment.
"Investors have piled out of European stocks this week, accelerating a decline that began at the end of last month, and has accelerated over the last two days," said analyst Michael Hewson at CMC Markets.
"This morning’s reckless shelling of a Ukrainian nuclear power plant by Russian forces shows that (President Vladimir) Putin is becoming increasingly desperate to obtain a victory in the face of numerous setbacks," he said.
"These actions are a significant escalation and raise the question as to whether Putin could adopt a scorched earth policy in his attempts to crush Ukrainian resistance," Hewson added.
European and British gas prices surged to record peaks on supply disruption fears as a result of key supplier Russia's ongoing attack on Ukraine.
Oil prices also continued to push higher, with Brent futures ending at $118.11 a barrel, the highest level since 2008.
- 'Markets ill prepared' -
Ukrainian President Volodymyr Zelensky has meanwhile demanded still tougher sanctions against his Moscow foes after Russian forces attacked and seized the Zaporizhzhia nuclear power plant, but Kyiv said no radiation leak was detected.
Western countries have hit Russia's economy hard including by closing airspace, freezing assets and excluding seven banks from the SWIFT interbank messaging network.
The impact is already impeding Moscow's ability to shore up the beleaguered ruble and purchase imports.
On Friday, White House spokeswoman Jen Psaki said US officials were "looking at ways to reduce the import of Russian oil while also making sure that we are maintaining the global supply needs out there."
US employers added 678,000 workers to their payrolls in February, government data showed Friday, driving the unemployment rate down to 3.8 percent in a monthly report that was better than expected.
"The market is trying to balance the lousy geopolitical situation with the February employment report, which was pretty strong," said Briefing.com analyst Patrick O'Hare.
"What's principally driving the market is this foreboding sense that things are going to get worse before they get better in Ukraine."
- Key figures around 2100 GMT -
New York - Dow: DOWN 0.5 percent at 33,614.80 (close)
New York - S&P 500: DOWN 0.8 percent at 4,328.87 (close)
New York - Nasdaq: DOWN 1.7 percent at 13,313.44 (close)
London - FTSE 100: DOWN 3.5 percent at 6,987.14 (close)
Frankfurt - DAX: DOWN 4.4 percent at 13,094.54 (close)
Paris - CAC 40: DOWN 5.0 percent at 6,061.66 (close)
EURO STOXX 50: DOWN 5.0 percent at 3,556.01 (close)
Tokyo - Nikkei 225: DOWN 2.2 percent at 25,985.47 (close)
Hong Kong - Hang Seng Index: DOWN 2.5 percent at 21,905.29 (close)
Shanghai - Composite: DOWN 1.0 percent at 3,447.65 (close)
Euro/dollar: DOWN at $1.0916 from $1.1066 late Thursday
Pound/dollar: DOWN at $1.3248 from $1.3348
Euro/pound: DOWN 82.60 pence from 82.91 pence
Dollar/yen: DOWN at 114.78 yen from 115.46 yen
Brent North Sea crude: UP 6.9 percent at $118.11 per barrel
West Texas Intermediate: UP 7.4 percent at $115.68 per barrel
burs-jmb/sst
F.Bennett--AMWN