Global Economy in Turmoil as Russia Attacks Ukraine

The global economy went into a tailspin on the morning that Russia attacked Ukraine, ending weeks of diplomatic efforts to avert the crisis.

US stock futures plunged on Thursday. Dow futures were down as much as 780 points, or 2.4%. S&P 500 and NASDAQ futures were down 2.3% and 2.8%, respectively.

The Moscow Exchange announced Thursday it had suspended trading on all its markets until further notice. The Russian ruble tumbled nearly 10% against the US dollar, trading at 89.59 per dollar.

Asian markets also fell, with Hong Kong's Hang Seng Index plunging 3.2%. Korea's Kospi dropped 2.7%. Japan's Nikkei 225 (N225) lost 2.4%, while China's Shanghai Composite moved 0.9% lower.

Brent crude oil hit $100 a barrel for the first time since 2014. US crude jumped 3.3% to $95.15 a barrel.

The price of Bitcoin fell below $35,000 early Thursday. Bitcoin was trading at $34,969, a decline of more than 8% compared to a day earlier. Bitcoin fell below $40,000 over the weekend and continued to slide as the Ukraine crisis intensified.

What does this mean for me? 

In a move that will have a large humanitarian cost, Russia’s attack on Ukraine has sent the global economy into a panic.

Over the coming hours and days, trends will emerge on how markets have been affected. Initial responses have been universally negative. 

If you have a widely diversified portfolio, expect every asset class in which you have invested to be affected in some way.