Asian Stock Market: Nikkei posts biggest daily drop since Jan. 27 on Russia concerns

Asian shares have been under pressure at the start of the week in a jittery start in financial markets over concerns about escalating tensions surrounding Ukraine and rising global inflation headwinds. The mood was seen 

The Nikkei share average posted its biggest intraday percentage drop since Jan. 27 and falling below the 27,000 level for the first time since Jan. 31. The broader Topix (TOPIX) was lower by 2.02% to 1,923.07. The moves have echoed the sentiment felt in the US on Friday over the dramatic escalation with regards to the prospects of a Russian invasion and massive military build-up near the Ukraine border. 

Wall Street ended sharply lower on Friday for the second straight session. The S&P 500 was down 1.9% Friday to 4,418.64 and dropped 1.8% for the week. The Nasdaq Composite lost  2.8% to 13,791.15 and slid 2.2% for the week. The Dow Jones Industrial Average retreated 1.4% to 34,738.06, ending the week 1% lower.

US president Joe Biden and Russian president Vladimir Putin spoke on the weekend as the tensions grow to a crescendo and the call has been regarded as a last-ditch effort to fend off a Russian invasion of Ukraine. However, there was no solace found here given that there was “no fundamental change” to the worsening crisis according to a senior US official, briefing reporters. The official said told reporters that the US and Russia have agreed to stay engaged in the coming days “but Russia may decide to proceed with military action anyway.”