SYDNEY : Oil prices soared more than 10per cent in hectic trading on Monday as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets.
Japan's Nikkei sank 1.9per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3per cent. He estimates the loss of Russia's 5 million barrels could see oil prices double to $200 a barrel and lower economic growth globally. Fed fund futures were also gaining as the market priced in a slower pace of rate rises from the Federal Reserve this year, though a March hike is still seen as a done deal.
The dollar was broadly firmer, supported in part by a strong payrolls report which only reaffirmed market expectations for a Fed hike this month. The dollar index was last at 98.877 having climbed 2.3per cent last week.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »