Global markets in negative territory after start of Russian intervention

By Belgin Yakisan Mutlu

ISTANBUL (AA) - Global markets went into negative territory early Thursday after Russia officially launched its intervention in Ukraine.

Declines in Asian stock markets and the US and European index futures contracts hit nearly 3% while commodity prices rose sharply.

After Russian President Vladimir Putin announced that they had launched a military offensive in Donbas, eastern Ukraine, explosions were heard in various cities of the country, including the capital Kyiv.

Following the news, US President Joe Biden is reportedly set to announce new sanctions on Russia, and NATO ambassadors will hold an extraordinary meeting.

While the ounce price of gold hit nearly $1,950, the price of Brent oil per barrel reached an eight-year high of $100.

Wheat prices also rose by around 6%.

The Moscow Exchange announced that all markets are closed in Russia after significant losses in the stock exchanges and ruble.

On Wednesday, all US stock markets closed the day with declines due to the growing geopolitical risks.

On European markets, in March futures contracts, natural gas prices rose more than 10% to €88 ($99).

On Wednesday, January inflation figures hit 5.1% in the eurozone while stock exchange markets closed the day with mixed figures.

Asian indices were also in negative territory on Thursday.

Turkiye's Borsa Istanbul closed the day at 2,016.03 points, inching down 0.07%.

Saying that reflections in energy prices will be critical in terms of inflation expectations and the course of monetary policies, analysts said that statements of the US Fed and European Central Bank will be followed closely.

* Writing by Gokhan Ergocun