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ASX RISES as Russia brings war to Europe: Markets react

·Personal Finance Editor
·2-min read
Russian tanks and the ASX board showing company price movements.
The ASX opened higher this morning after volatility rocked global markets overnight. (Source: Getty)

ASX: The local market was up 0.48 per cent at the open after wiping close to $70 billion in value yesterday.

The ASX closed up around 0.03 per cent, barely holding itself in the green at the end of the session.

Oil: The oil market climbed this morning, with light crude up 1.2 per cent.

Oil finished the day up a further 2.18 per cent.

Gold: The price of gold fell slightly, finishing the day down around 0.63 per cent.

Bitcoin: Bitcoin continued to make gains this morning after falling overnight in line with US markets.

Bitcoin rounded our the Aussie session 0.1 per cent higher.

Sectors: At the start of the trading day consumer cyclicals, technology, utilities, industrials, health care and real estate sectors are all higher.

Meanwhile, basic materials and energy were down at the open.

To finish off the day industrials soared, finishing up 13.11 per cent while the bottom performer was the financials sector, which closed down 1.06 per cent.

What happened overnight

Wall Street: US stocks ended sharply higher, led by a 3 per cent gain in the Nasdaq, in a dramatic market reversal.

This came after US President Joe Biden unveiled harsh new sanctions against Russia after Moscow began an all-out invasion of Ukraine.

Gold: Gold prices hit a one-year high overnight as investors flocked to the safe-haven asset.

The move in gold comes alongside a major risk-off trade in markets globally as Russia launched its attack on Ukraine.

Oil: Oil prices retreated from session highs overnight off the back of Biden indicating US petroleum reserves could be tapped as needed, and sanctions from Western countries avoided targeting Russian supplies.

Sanctions from world leaders were closely monitored by analysts, sending oil surging.

Bitcoin: The cryptocurrency regained its losses in the overnight session, mirroring US markets after plummeting off the back of Russia’s attack.

Earlier, Bitcoin hit a low of US$34,472 as investors pulled out of risky assets.

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