North American stock markets plunged on opening after Russia launched military action in Ukraine, but losses eased modestly in late morning trading as gains for gold and oil also softened.
The S&P/TSX composite index was down 147.01 points at 20,597.10 after shedding more than 300 points in early trading.
In New York, the Dow Jones industrial average was down 624.50 points at 32,507.26. The S&P 500 index was down 49.24 points at 4,176.26, while the Nasdaq composite was down 70.20 points at 12,967.28.
The Canadian dollar traded for 77.68 cents US compared with 78.63 cents US on Wednesday.
The April crude contract was up US$4.99 at US$97.0 per barrel after briefly cresting the US$100 mark for the first time since 2014, and the April natural gas contract was up 25 cents at US$4.84 per mmBTU.
The April gold contract was up US$17.6 at US$1,910.4 an ounce after going as high as $1,976.50, and the May copper contract was down less than a penny at US$4.49 a pound.
Beyond its human toll, the conflict looks set to send prices spiraling even higher at gasoline pumps and grocery stores around the world.
Trending Stories
Trudeau’s convoy response gets failing grade, but even fewer support protesters: poll
World condemns Putin’s ‘thuggery’ after Russia launches military operation in Ukraine
Russia and Ukraine are major producers not only of energy but also grains and various other commodities. War could upend global supplies, as could sanctions brought by the United States and other allies.
Oil prices on both sides of the Atlantic jumped toward or above $100 per barrel to their highest levels since 2014, up about six per cent. Wholesale prices also shot higher for heating oil, wheat and other commodities. The spot price in Europe for natural gas, for which the continent relies on Russia to supply, jumped as much as 31 per cent.
The Federal Reserve is closely watching the situation in Ukraine for any economic or financial impacts on the United States, Atlanta Federal Reserve bank President Raphael Bostic said on Thursday.
“Events today in the Ukraine are on all of our minds. We’ll be watching this closely here in Atlanta and across the Federal Reserve system to assess the economic and financial impacts,” Bostic said during a virtual event hosted by the Atlanta Fed.
More to come.
— with files from the Associated Press, Reuters
NATO head condemns Russian attack on Ukraine: ‘This is barbaric’
© 2022 The Canadian Press
