New York Discussions about an import ban on Russian oil pushed the price of crude oil up to $139 a barrel at the start of trading in Asia on Monday night. This triggered a mood of crisis on Asia’s stock exchanges.
In Japan, the largest financial market in Asia, share prices fell by almost four percent on Monday morning, while the price of gold and, above all, the yen, which has been weak up to now, rose significantly against the dollar and euro. In crises, Japan’s currency is considered a safe haven to which investors flee.
South Korea’s Kospi index also fell by more than two percent, and Hong Kong’s Hangseng index by more than three percent. Not even China’s new growth targets could reassure investors. The National People’s Congress had specified at the weekend that the economy should grow by 5.5 percent despite the bursting of the real estate bubble. But even the Shanghai Composite Index lost more than one percent of its value after a slow start. Because many observers consider China’s goals to be ambitious.
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