Stocks Shred Heavy Losses on Reports of EU’s Joint Bond Sales, Crudes Remains Multi-Year High

Asian equities closed deep in the loss as the Ukraine – Russian war shows not reliance to end while Russian warned to cut off major gas pipeline to Europe. Traders prices in to a bear market with equites globally shredding loss with commodities at multi years high.

The CSI300, KOSPI, SET and TOPIX is down by 2.01%, 1.39%, 1.09%, 0.47% and 1.90% respectively.

The Stoxx Europe 600 index reversed an early decline to climb more than 1%, set for its first advance in four days as the possibility of further central-bank stimulus lifted sentiment. Futures on the S&P 500 and Nasdaq 100 also turned higher.

Treasuries ticket up sharply with European Union announced joint bond sale.

In the U.S., lawmakers are exploring options to put bar on imports of Russian oil. Russia for its part threatened to cut natural gas supplies to Europe via the Nord Stream 1 pipeline. That underlines how the conflict and economic warfare against resource-rich Russia are dimming the outlook.

Commodities remans at multiyear high amid supply uncertainty with WTI trading at $121.58 par barrel while Brent trading at $125.56 par barrel.