Dow futures, Asian stocks sink while oil soars after US and allies consider banning Russian oil

In Asia, Hong Kong’s Hang Seng Index (HSI) sank as much as 5% in morning trading. It was last down 3.4%, on track to log its worst daily drop in seven months. Japan’s Nikkei 225 (N225) tumbled 3.6%. South Korea’s Kospi (KOSPI) dropped 2.5%. China’s Shanghai Composite (SHCOMP) lost 1%.
On the US market, Dow futures fell 450 points, or 1.3%. S&P 500 and Nasdaq futures were down 1.6% and 2% respectively.

The latest turmoil came as US crude futures surged more than 7% to trade at $124.17 a barrel, the highest level since August 2008. Brent crude also rose to the highest level since 2008, up 8% to $127.66 a barrel.

Oil prices soared further after US Secretary of State Antony Blinken said Sunday in an interview with CNN that the United States is working with its allies in Europe to look into the possibility of banning Russian oil imports in an effort to further punish the country.

“In the event of any implementation [of the ban], the move will further exacerbate the supply-demand imbalance in an already tight oil market,” wrote Yeap Jun Rong, a market strategist for IG Group.

“Elevated oil prices may pose a threat to firms’ margins and consumer spending outlook, at a time where the Fed will face greater pressure of having to overcorrect with quicker and larger rate hikes in light of inflationary pressures,” he added.

Delays to the conclusion of Iranian nuclear talks added to investor concerns about supply disruptions, Yeap said.

Entrepreneurship program soars during pandemic

The school started the program back in 2014. However, during this pandemic, nearly 20 students started building their own brands.

HARRISBURG, N.C. — At A.C.E. Academy Charter School, students from kindergarten all the way up to 8th grade are learning entrepreneurship skills.

“They’re basically learning how to create the business from scratch,” Program Director Shawn Smalls said.

Smalls said marketing, sales and how to negotiate are some of the key foundations and it’s paying off.

The school started the program back in 2014.

However, during this pandemic, nearly 20 students started building their own brands.

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“Some of them have made over a thousand dollars plus,” Smalls said.

Yari Dariela is one of them.

So far the 8th grader has made nearly 30 cakes since launching “Darielas Sweet taste” in March.

“We have one child that’s in third grade and he has a juice business called SJ’s everyday juice,” Smalls said.

DJ Mekoh is another kidpreneuer.

“He’s booked, I mean like every weekend,” Smalls said.

Booked and busy, providing music for an end-of-year Zoom party for his school’s 4th-grade class, Charlotte Kid’s Fest, virtual birthday parties and for the University City Farmers Market.

“We also have another young lady, Zoie Rogers, that has a candle business and she’s made over a thousand dollars since she started her business as well,” Smalls said.

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ACE academy Charter school helping students use their skills to create new opportunities despite their age.

“They understand that they don’t have to just sit on the sideline, they can create the game in itself,” Smalls said.