Markets Crashing Around The World As Russia Invades Ukraine

Markets Crashing Around The World As Russia Invades Ukraine

Billions are being wiped of the value of stock markets all over the world today on the news that President Putin has sent his army into Ukraine.

The prices are flashing red and moving down. On Thursday, the FTSE lost over 3% or 300 points and the Dow Jones was down nearly 700 points by 2%.

The FTSE is down 10% since January. The US S&P and Nasdaq indices are also down over 10% from recent highs, which is entering into correction territory.

Oil topped $100 a barrel and gas prices jumped again threatening to send western economies further into recession. Consumers will be hit with higher petrol, gas and food prices as sanctions are imposed on Russia.

Will property follow stock market falls?

Property prices in the US could have peaked after a 20% spike last year as higher mortgage rates (anticipating a rate increase by the Fed) are already hitting buyers and refinance applicants.

UK average asking prices in February were up by a record £7,785 compared to last month.

Demand is being driven by ‘second steppers’ in search of more space sending prices nearly £40,000 higher than since the start of the pandemic.

The price of property coming to market rose 2.3% in February, or £7,785, according to Rightmove’s latest House Price Index.

Whilst the UK market is still buoyant, the two recent interest rate hikes to .5% will make it more expensive to buy and remortgage property.

End of tax year tax saving hints.

With the end of the fiscal year looming on 5 April, now is the time to start tax planning your ISA and pension contributions.

You can put up to £20,000 into a tax-free ISA each fiscal year, as well as maximising your pension contributions.

If you are in the UK and earn less than £18,570 a year from income and savings interest, your savings interest is tax-free due to tax-free savings and the starting savings rate.

There are other more specialist tax saving investment schemes, such as Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs). Talk to an independent final adviser.

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