Australian shares slide as Ukraine-Russia crisis escalates

Australian shares fell on Tuesday as tensions between Russia and the West grew after Moscow recognised two breakaway regions in eastern Ukraine namely Donetsk and Luhansk as independent.

Australian shares fell on Tuesday as tensions between Russia and the West grew after Moscow recognised two breakaway regions in eastern Ukraine as independent, while supermarket chain Coles Group jumped after beating estimates for first-half profit.
 

The S&P/ASX 200 fell 1.1% to 7,150.8 by 2350 GMT after closing 0.2% higher in the previous session. Trading was thin due to a U.S. holiday on Monday. Russian President Vladimir Putin on Monday recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian Army to launch what Moscow called a peacekeeping operation into the area, upping the ante in a crisis that could unleash a major war.
 

Australian technology stocks slid 3.4% to lead the drop among blue chips and were on track for a fourth straight session of losses.

Block Inc's Australian shares hit a record low, falling as much as 6.2%, and the stock was the top drag on the sub-index. Xero Ltd fell 2.9%. Financials fell 1.6%, posting their biggest intraday drop since early February, with all the so-called "Big Four" banks in negative territory.
 

Nanosonics, which manufactures and distributes ultrasound probe disinfectors, was the biggest loser on the benchmark after its flagged a hit to second-half revenue due to its revised sales model in North America. Shares of Coles Group hit a six-week high as the country's second-largest supermarket chain reported better-than-expected first-half profit.

Among other gainers, energy stocks advanced 0.7% as oil prices rose overnight. Sector majors Santos and Woodside Petroleum added 2.3% and 2.3%, respectively. New Zealand's benchmark S&P/NZX 50 index was down 0.2% to 12,135.65 points by 2350 GMT. ($1 = 1.3914 Australian dollars)