Chinanews Finance, March 7 (Reporter Xie Yiguan) Under the continuous turmoil in Russia and Ukraine, on March 7, the stock markets of many countries in the Asia-Pacific market fell sharply after the opening of the market.
At the same time, international oil prices and agricultural products rose sharply, and precious metals such as gold also rose.
Asia Pacific market performance as of press time.
On the 7th, the three major A-share stock indexes fell after the opening.
As of press time, the Shanghai Composite Index and Shenzhen Component Index fell by more than 1%, and the ChiNext Index fell by more than 2%.
Not only the A-share market, but the Nikkei and Korea Kospi also fell after the opening bell.
As of press time, the Nikkei index fell more than 3%, and the Korea Composite Index fell more than 2%.
Hong Kong's three major stock indexes fell sharply after the opening of the market. As of press time, Hong Kong's Hang Seng Index and China Enterprises Index fell by more than 3%, and the Hang Seng Technology Index fell by more than 4%.
Asia-Pacific stock markets fell collectively, while international oil prices soared.
Trading data showed that on the 7th, the price of Brent crude oil futures exceeded $130 a barrel for the first time since 2008, surpassing the peak of $128 in 2012.
Brent crude futures were up more than 8% at $128.13 a barrel at press time.
U.S. crude futures rose nearly 7% to $123.77 a barrel on a continuous basis.
In addition, in early trading on the 7th, the price of crude oil futures produced in the Middle East on the Tokyo Commodity Exchange once reached 78,820 yen per ton, the highest in 13 years since late August 2008.
Russia is one of the most important oil producers in the world, as well as an important supplier of crude oil and natural gas.
However, affected by the geopolitical conflict, the White House said recently that the government is considering cutting oil imports from Russia.
As of press time, the price performance of major global commodities.
In terms of precious metals, gold futures and spot prices rose.
As of press time, the gold futures price in New York rose more than 1% to US$1,999 per ounce; the spot price of gold in London reached US$1,998.14 per ounce.
In addition, Lun Aluminium has continued to set a new record high and is now at US$3,985/ton; London Nickel has risen by more than 15% and is now at US$33,650/ton.
"Affected by risk aversion and short-term inflation, gold and silver rose." Donghai Futures said that in the short term, geopolitical uncertainties are still strong, and operations with large market volatility should be cautious.
In the medium term, the trend of precious metals will depend on the Fed's statement on curbing inflation at the interest rate meeting. It is recommended to pay attention to the Fed's interest rate meeting on March 16.
In addition to crude oil and precious metals, agricultural futures prices also climbed.
Chicago wheat futures traded at the daily limit, hitting $12.94 a bushel, the highest level since 2008; oat, corn and soybean oil futures prices also rose sharply.
Russia and Ukraine are the world's major grain exporters.
Institutional research reports show that as of 2019, Ukraine’s export of barley accounted for more than 17% of global exports; rapeseed exports accounted for nearly 15% of global exports.
In addition, Ukraine's exports of corn and wheat accounted for 13.3% and 7.4% of global exports, respectively.
Recently, the Food and Agriculture Organization of the United Nations released the average global food price index in February 2022 at 140.7 points, up 3.9% month-on-month and 20.7% year-on-year.
Among them, the FAO Cereal Price Index increased by 3.0% month-on-month. Among the leading coarse grains, international maize prices rose by 5.1%, due to continued concerns about the situation of South American crops, uncertainty in Ukraine's maize exports and rising wheat export prices .
World wheat prices rose 2.1 percent, mainly reflecting uncertainty about global supply flows from Black Sea ports.
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