News article in McDonald’s website confirms that after more than 30 years of operations in the country, McDonald’s Corporation...


McDonald’s To Exit from Russia after 30 Years of Service in the Country

The dollar slipped against other major currencies for a third straight day on Tuesday, tempering a long rally as investors cashed out and trimmed bets on U.S...

Stock Markets

Dollar Slipped against other Major Currencies as Focus turns to Growth

Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on...

Stock Markets

Asian Shares Rise on High Expectation of Easing China Tech Crackdown

On Friday, Elon Musk revealed that his $44 billion takeover deal for Twitter Inc. has been put “temporarily on hold”, triggering a share plunge...

Stock Markets

Musk’s $44 Billion Twitter Acquisition Deal ‘on Hold’ Causing Shares to Plunge

His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and Ruler of Abu Dhabi, has passed away on Friday, May 13, aged 73...


RIP: UAE’s Sheikh Khalifa Bin Zayed Al Nahyan Passes Away


8 Mar 2022

Oil Appears Bullish, Asian Shares Plummet as Ukraine-Russia Negotiation Remain Stagnant

Oil Appears Bullish, Asian Shares Plummet as Ukraine-Russia Negotiation Remain Stagnant

The Index Today

Oil prices firmed on Tuesday while shares in Asia took a tumble as negotiation talks between Ukraine and Russia made meager advancement prompting fears of inflation and decelerating economic progress among investors, spurred by the potential debarring of Russian oil.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down by 1% during the afternoon session, as Japan’s Nikkei hit a 16-month low after falling 1.43%. Chinese stocks’ losses bled into Tuesday after dropping to a 20-month low during the last session. Hong Kong’s Hang Seng Index also edged lower by 0.36%.

In response to mounting sanctions, Russia cautioned against oil prices possibly rising to $300 per barrel as it threatened to shut a major gas pipeline to Germany. This comes as crude oil surged to hit 14-year highs recently in the wake of the war in Eastern Europe.

Brent crude soared by 2.6% to $126.42 per barrel by 1:22 am ET, while U.S. crude rose 1.8% to $121.55 a barrel, as fears of disrupted supply caused by the Ukraine-Russia crisis continue to rally markets.

IG Australia Market Analyst, Kyle Rodda said, "Clearly oil is in the firing line now from both sides. And there's a little bit of brinkmanship as to who can threaten whom when it comes to oil imports or exports." He added, "We're entering some kind of crisis when it comes to energy security, and the question is how long that lasts and how big it will be. Whatever size it is, it's going to result in higher inflation and weaker growth, and we're seeing that get priced into equity markets."