Asia-Pacific Stock Markets Slide Amid Russia Sanctions
The main stock indexes of the Asia-Pacific region (APR) slid on Wednesday under the possible impact on the global economy of the sanctions imposed by the European Union and the United States against Russia.
As of 04:30 GMT, the index of the Shanghai stock exchange Shanghai Composite is decreasing 0.41% to 3,474.45 points, the Shenzhen Stock Exchange Shenzhen Composite is down 0.84% to 2,306.81 points, and the Hong Kong Hang Seng index is down 1.1% to 22511 points. Japan’s Nikkei 225 is falling 1.87% to 26347.5 points,
At the same time, the Australian S&P/ASX 200 is rising 0.14% to 7,106.2 points, and South Korea’s KOSPI [Korea Composite stock price index] is up 0.24% to 2,705.61 points.
The shares of several car manufacturers started to fall in price after they announced temporary termination of operations in Russia. Nissan Motor shares are dropping by 4.13%, Hyundai Motors – by 2.29%, and Toyota – by 4.48%.
Last Thursday, Russia began a special operation to “demilitarize and denazify” Ukraine as it responded to calls from the Donetsk and Luhansk people’s republics to defend them from intensifying attacks by Ukrainian troops. The Russian Defense Ministry said the “special operation” is solely targeting Ukrainian military infrastructure, stressing that the civilian population is not in danger.
The United States, the United Kingdom, members of the European Union and several other countries imposed comprehensive sanctions against Russia, including closing their airspace to Russian aircraft and sanctioning a number of Russian banks and officials. Russian President Vladimir Putin has signed a decree authorizing counter-sanctions.