Updated on
Summary
Asian stock markets tumbled and crude futures climbed to a 28-month high near $100 a barrel Monday, as fears of greater unrest in the Middle East and choking energy prices sent investors rushing to reduce risk. More than 100 people have been killed during six days of protests in Egypt. A wider conflagration in the region could threaten the flow of oil at a time when the global recovery was just beginning to look sustainable, which hit Asian equity markets. Japan's Nikkei share average hit its lowest since early December 2010, as investors sold exporters such as Toshiba and Canon. Nissan said it had halted production at a small factory in Egypt for one week after the outbreak of Cairo protests.The nation's biggest gas and oil developer Inpex gained, though, as Brent crude futures traded just shy of $100 a barrel.The MSCI Asia Pacific ex-Japan stock index fell, continuing a dip seen since a 2-1/2-year high on Jan 19. The US dollar was gaining ground on the euro for a second day, as investors chose safety and liquidity above all else, while the yen also rose.
