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Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 415 points.


War in Ukraine will have ‘severe impact’ on global economy: IMF

The International Monetary Fund on Saturday said it expected to bring Ukraine’s request for $1.4 billion in emergency financing to its board for approval as early as next week and was in talks about funding options with authorities in neighboring Moldova.

In a statement, the global lender said the war in Ukraine was already driving energy and grain prices higher, and had sent a wave of more than 1 million refugees to neighboring countries, while triggering unprecedented sanctions on Russia.

“While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious,” the IMF said in a statement after a board meeting chaired by Managing Director Kristalina Georgieva.

SGX Nifty

Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 415 points. The Nifty futures were trading around 15,828 levels on the Singaporean exchange.

Oil price surges to highest since 2008 on delays in Iranian talks

Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil.

Brent rose $11.67, or 9.9%, to $129.78 a barrel by 6:50 p.m. EST (2350 GMT), while US West Texas Intermediate (WTI) crude rose $10.83, or 9.4%, to $126.51, putting both contracts on track for their highest daily percentage gains since May 2020.

Asian Markets

Shares in Asia-Pacific declined in Monday morning trade as oil prices surged, with the ongoing Russia-Ukraine war continuing to weigh on investor sentiment globally.

The Hang Seng index in Hong Kong led losses regionally, dropping 4.14% as shares of HSBC plummeted 6.02%. Mainland China’s Shanghai composite shed 1.13% and the Shenzhen component slipped 2.076%.

In Japan, the Nikkei 225 also saw heavy losses as it tumbled 3.5% while the Topix index shed 3.12%.

US Markets

Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in US jobs growth last month that pointed to strength in the economy. Most of the 11 major S&P sector indexes declined, with financials leading the way with a 2% drop as investors worried about how the West’s sanctions against Moscow may affect the international financial system.

The Dow Jones Industrial Average fell 0.53% to end at 33,614.8 points, while the S&P 500 lost 0.79% to 4,328.87. The Nasdaq Composite dropped 1.66% to 13,313.44. For the week, the S&P 500 and Dow both fell 1.3%, while the Nasdaq gave up 2.8%.

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