Due to a brief violent uprising in Russia, which raised doubts about the conflict in Ukraine, Asian equities dipped on Monday. The mercenary-led uprising momentarily grabbed control of a Russian military command center, but it left President Vladimir Putin more vulnerable at a time when his forces were up against a ferocious counteroffensive in Ukraine.
Although Yevgeny Prigozhin and his Wagner soldiers were among Russia’s most successful combatants in Ukraine, the outcome of their attempted takeover was unknown.
Oil Prices and Asian Shares
Compared to South Korea’s Kospi, which gained 0.5%, Japan’s Nikkei 225 index fell close to 0.3%. The Shanghai Composite fell 1.5% while the Hang Seng in Hong Kong fell 0.2%.
S&P/ASX 200 in Australia fell 0.3%. With the S&P 500 down 0.8% to 4,348.33 on Friday, Wall Street experienced its first losing week in the previous six.
- Asian equities dip amid Russia uprising, raising Ukraine conflict doubts.
- Kospi gains, Nikkei 225, Shanghai Composite fall.
- US high-interest rates cause manufacturing sector contraction, and banking system failures.
In the US, high-interest rates have already contributed to the contraction of the manufacturing and other sectors, as well as several banking system failures that have shaken public confidence.
Jerome Powell, the chair of the Federal Reserve, stated that even if his institution’s central bank didn’t raise rates last week, it may still do so by the end of the year.
Preliminary data showed that, despite manufacturing’s contraction and five-month low production, the U.S. economy as a whole is still expanding.
