(Bloomberg) — Traders braced for further turmoil as global markets kicked off Monday in Asia amid the growing financial fallout from Russia’s assault on Ukraine and the West’s response via sanctions.
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The Russian ruble will be in focus, along with potential currency havens such as the U.S. dollar, which climbed against the euro and risk-sentiment proxies such as the Australian dollar. The South African and Turkish currencies slumped early on Monday as emerging-market currencies face contagion concerns.
Hard-currency bonds from Russia and Ukraine will closely be watched following credit-rating cuts by major assessors late Friday, as will a swath of global markets from oil and wheat to Treasuries and bank stocks.
“Safe havens will likely remain bid in the current environment,” said Geoffrey Yu, senior strategist for EMEA Markets at BNY Mellon. “In…
