“It looks like the situation could escalate significantly at any moment and this will keep investors on their toes for the time being,” Craig Erlam, chief market analyst at Oanda, wrote in a research note on Tuesday. “We may be on the brink of something horrible happening and this continues to feed negativity in the markets,” he added.
Chinese technology stocks hit
Concerns about a renewed tech crackdown by Beijing have also dealt a blow to some of the largest Chinese companies in the sector.
The Hang Seng Tech Index, which tracks the city’s 30 largest listed technology companies, lost 1.9% on Tuesday, falling for a third consecutive day.
Online food delivery platform Meituan fell 5% on Tuesday. The stock has fallen 23 percent since Friday.
Social media and gaming giant Tencent is down 3%. It closed down 0.1%. The company also owns a large stake in Meituan.
On the oil front, the uncertainty over Ukraine was reflected by the sudden rise in futures contracts. US crude futures jumped 5.3 percent to trade at $95.89 a barrel. Brent crude rose 3.5 percent to $98.71 a barrel.
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