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Asia airlines hit as Turkey jet strike sparks geopolitical fear
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ASIAN stock markets retreated Wednesday, with airlines taking a hit as dealers fret over increased geopolitical tensions following the downing of a Russian jet by Turkey.
Already delicate nerves were frayed on trading floors Tuesday after Turkey shot down the Russian war plane on the Syrian border. The incident sent shares in Europe tumbling and oil surging on supply fears, although the black gold dipped back in Asia.
While Ankara said it struck after the jet entered its airspace, Russian President Vladimir Putin called it a "stab in the back" and warned of serious consequences. Moscow insists the plane was in Syrian territory.
The incident has ratcheted up tensions between the rival players in the Syrian war, and with NATO backing member Turkey there are fears the crisis could escalate beyond the Middle East.
“A spreading and escalation in recent terror attacks and now the downing of a Russian warplane by Turkey are raising concerns of the possible unforeseen spillover impacts of Middle East conflicts,” Con Williams, a rural economist at ANZ Bank New Zealand, said in a note to clients.
“The accumulation of these events is now beginning to have an influence on global markets,” he added, according to Bloomberg News.
Worries about global security and its effect on the economy were already playing on dealers' minds following the Paris attacks this month and the bombing of a Russian passenger plane in Egypt.
Meanwhile Brussels will stay at the highest security threat level for another week over fears of an imminent attack.
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