Shares dive, oil soars after Russian action in Ukraine
Beijing(AP): Stocks plunged and oil prices surged by more than 5 per barrel Thursday after President Vladimir Putin launched military action in Ukraine, prompting Washington and Europe to vow sanctions on Moscow that may roil the global economy.
Market benchmarks in Europe and Asia fell by as much as 4% as traders tried to figure out how large Putin's incursion would be and the scale of Western retaliation. Wall Street futures retreated by an unusually wide daily margin of 2.5%.
Brent crude oil briefly jumped above 100 per barrel in London for the first time since 2014 on unease about possible disruption of supplies from Russia, the No. 3 producer. Benchmark US crude briefly surpassed 98 per barrel. Prices of wheat and corn also jumped.
The ruble sank 7.5% against the dollar.
Financial markets are in a flight to safety and may have to price in slower growth" due to high energy costs, Chris Turner and Francesco Pesole of ING said in a report.
In Brussels, the president of the European Commission said Thursday the 27-nation European Union planned massive and targeted sanctions on Russia.
We will hold President Putin accountable, Ursula von der Leyen said.
In early trading, the FTSE 100 in London fell 2.5% to 7,311.69 as Europe awakened to news of explosions in the Ukrainian capital of Kyiv, the major city of Kharkiv and other areas. The DAX in Frankfurt plunged 4% to 14,047.18 and the CAC in Paris lost 3.6% to 6,537.32.
The futures for Wall Street's benchmark S&P 500 index and the Dow Jones Industrial Average were off 2%.
That was on top of Wednesday's 1.8% slide for the S&P 500 to an eight-month low after the Kremlin said rebels in eastern Ukraine had asked for military assistance. Moscow had sent soldiers to some rebel-held areas after recognising them as independent.
Putin said Russia had to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion.
US President Joe Biden denounced the attack as unprovoked and unjustified" and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions. Putin accused them of ignoring Russia's demand to prevent Ukraine from joining NATO and to offer Moscow security guarantees.
Washington, Britain, Japan and the EU earlier imposed sanctions on Russian banks, officials and business leaders. Additional options include barring Russia from the global system for bank transactions.
Prices of benchmark US and international oils hovered near 100 per barrel.
West Texas Intermediate soared 5.86 to 97.96 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to 92.10 on Wednesday.
Brent crude advanced 5.57 to 99.62 per barrel in London after spiking above 100. It lost 20 cents to 94.05 the previous session.
In Asia, the Nikkei 225 in Tokyo fell 1.8% to 25,970.82 and the Hang Seng in Hong Kong lost 3.2% to 22,901.56. The Shanghai Composite Index shed 1.7% to 3,429.96.
Asian economies face lower risks than Europe does, but those that need imported oil might be hit by higher prices if Russian supplies are disrupted, forecasters say.
The Kospi in Seoul lost 2.6% to 2,648.80 and Sydney's S&P-ASX 200 fell 3% to 6,990.60.
India's Sensex fell 3.4% to 55,283.65. New Zealand lost 3.3% and Southeast Asian markets also fell.
Investors already were uneasy about the possible impact of the Federal Reserve's plans to try to cool inflation by withdrawing ultra-low interest rates and other stimulus that boosted share prices.
The dollar weakened to 114.68 yen from Wednesday's 114.98 yen. The euro fell to 1.1243 from 1.1306.
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Mumbai police arrest actor Sahil Khan in Mahadev betting app case
Mumbai, Apr 28: The Mumbai cyber cell's SIT on Sunday arrested actor Sahil Khan in connection with the Mahadev betting app case, a police official here said.
The actor was apprehended from Jagdalpur in Chhattisgarh on Saturday after the Bombay High Court rejected his pre-arrest bail plea, he said.
He was subsequently brought to Mumbai and placed under arrest, the official said.
Khan was recently questioned by the Special Investigation Team (SIT) formed in connection with the case.
The actor, known for films like ‘Style’ and ‘Excuse Me’, has become a fitness expert.
The Mumbai police had earlier arrested one person in connection with the case, the official said.
Khan is the second person to be arrested by the city police in the case, he said.
The SIT has been conducting a probe into the alleged illegal transactions between certain financial and real estate firms in the state and the promoters of the controversial Mahadev betting app.
The size of the scam is about Rs 15,000 crore, as per the first information report (FIR) registered by the Matunga police here in the case.
An investigation is underway against Khan and 31 other individuals. The probe involves examining their bank accounts, mobile phones, laptops, and all technical equipment, according to the police.
While the Enforcement Directorate (ED) is investigating money laundering angle in the Mahadev betting app case, Mumbai police have registered a separate case against 32 persons.
Notably, Chhattisgarh’s Anti-Corruption Bureau (ACB)/Economic Offence Wing (EOW) on April 24 said it has arrested two persons - from New Delhi and Goa - in connection with the alleged illegal operations of the Mahadev online gaming and betting application that purportedly involved senior politicians and bureaucrats from that state.
The ED has separately arrested nine persons so far as part of its probe in the money laundering-linked case.
#WATCH | Actor Sahil Khan brought to Mumbai from Chhattisgarh. He has been arrested by the Mumbai Crime Branch's SIT in connection with the Mahadev Betting App case.
— ANI (@ANI) April 28, 2024
“I believe in the judiciary of the country, " he says pic.twitter.com/HirOzizuXb
#WATCH | Mahadev Betting App case | Mumbai: Actor Sahil Khan's lawyer Mujahid Ansari says, "They wanted a remand to investigate. They had produced their ground in the Session Court and the High Court that there are 2000 SIM cards and 1700 bank accounts... The court has sent him… pic.twitter.com/rsJNeZ5VMo
— ANI (@ANI) April 28, 2024
