Markets are already adjusting to the reality of open warfare in Europe. As the Russian military pushes into Ukrainian territory, markets are dropping in response. James Wilhite reports for The Wall Street Journal:
U.S. futures and global stock indexes are sharply lower, while commodities including crude, metals, wheat and corn are climbing. The Russian attack heightens the pressure on a global economy already reeling from snarled supply chains and some of the highest inflation in years, with Europe likely to bear the brunt of it. Read our full market wrap here.
The MOEX benchmark for Russian stocks tumbled as much as 45% before partially recovering to trade down 24% after the central bank banned short-selling. The Russian ruble weakened to a record low before clawing back some ground.
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