Asian stock markets tumble after Ukraine-Russia tensions escalate
As the Ukraine-Russia tension rose, the stock markets in Asia tumbled on Tuesday. Japan's Nikkei 225 index fell almost 2%, while the Kospi in South Korea lost 1.4% in early trading.
There are concerns that this rising tension in Eastern Europe will lead to oil prices to rise and cause the supply chain disruptions businesses face. Russian President Vladimir Putin has recognized Ukraine's breakaway rebel-held regions as independent states.
This is a big blow to the recovering markets across the globe after the pandemic. Europe saw broader losses on Monday with Germany's Dax index and France's Cac 40 closing over 2% lower. Analysts are predicting that the US markets are expected to open lower on Tuesday morning.
The oil prices climbed above $95 per barrel on Tuesday. Brent crude, the international benchmark, reached $95.39 in Asian trading.