Ukraine Crisis: Markets react to Russian assault on nuclear power station

Russia’s invasion of Ukraine took yet another dramatic turn on March 4 as its forces attacked a nuclear power plant.

The assault caused a fire at the Zaporizhzhia nuclear plant — the largest in Europe — prompting condemnation from world leaders.

The fire was extinguished by Ukranian emergency services, but Russia troops are believed to now be in control of the facility.

Highlights

• Asian markets tumbled Friday and crude bounced as news that Europe’s biggest nuclear power plant was on fire after Russian shelling.
• The International Atomic Energy Agency warned of “severe damage” if the reactors were hit, while Ukrainian authorities said the situation was now secured.
• Tokyo and Hong Kong led losses across Asia while Sydney, Shanghai, Seoul, Singapore, Taipei, Manila and Wellington were also well down.
• The Spanish clothing design and manufacturing company MANGO has taken the decision to temporarily suspend its operations in Russia, closing its stores, online platform, and the delivery of goods to the country.
• Early Friday, US benchmark crude was up $1.34 to $109.01 per barrel in electronic trading on the New York Mercantile Exchange. It lost $2.93 to $107.67 per barrel on Thursday.
• Brent crude, the international price standard, added $1 to $111.46.