Stocks plunge, oil rockets, gold tops $2,000 on Ukraine fears

HONG KONG: Equity markets plunged Monday, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy.Trading floors were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under already high inflation.The commodity at one point rocketed almost 18 percent to $139.

The surge in crude is giving central banks a headache as they start to tighten pandemic-era monetary policy to fight inflation, which is already at a 40-year high in the United States.The International Monetary Fund warned at the weekend that the war and sanctions on Russia will have a 'severe impact' on the global economy.

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