Stocks slump and metals surge on Ukraine war fears

A trader works at the Frankfurt stock exchange in Frankfurt, Germany. Picture: REUTERS/TIMM REICHERT

The US and European allies are poised to announce harsh new sanctions against Russia on Tuesday after Putin formally recognised the breakaway regions in eastern Ukraine, escalating a security crisis on the continent. Brent crude futures jumped more than $3, or 2.5%, to $99, its highest since September 2014, on worries that Russian energy exports could be disrupted.

“Europe is in a very, very uncomfortable situation,” said Michael Hewson, chief markets analyst at CMC Markets. “What you’re getting is a classic risk-off play here.”MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.5% earlier. Fears of supply disruptions from Russia sent London-traded aluminium to a more than 13-year high of $3,350 a tonne while benchmark nickel reached the highest since August 2011. Shanghai-traded nickel hit a record high.

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