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‘Russell heads into what could be defining year’

Andrew Benson

F1 Correspondent
  • 3 Comments

George Russell is exuding a quiet sense of confidence as he prepares for the start of what could be a defining year for him in Formula 1.

The Mercedes driver is neither playing down the tag of pre-season championship favourite, nor leaning into it.

It feels more like it’s something that changes nothing, has no relevance to the job in hand, which is being the best he can be.

Russell has been asked about it a number of times these past few weeks leading up to the Australian Grand Prix. When he is, he addresses it briefly, sometimes tangentially, and moves on.

A comment about Mercedes having “a lot of potential”, for example, was quickly followed by concerns about his car’s ability to get off the line, compared with the Ferrari’s rocket-ship starts, and about some reliability issues that hit his team in the pre-season testing in Bahrain.

“It does not change my approach one single bit,” Russell says. “I’m working so hard with the team, everybody here has been working flat out to really maximise this new set of regulations and I’m honestly just so excited by the challenge.

“Because it is a huge challenge adapting to these new cars, how the energy management works, the re-harvesting of the batteries, getting your head around the boost system, the overtake modes, the active aero.

    • 1 day ago
    • 23 hours ago

The Briton, who turned 28 last month, has been among the most accepting of the new rules founded in engines with a 50-50 split between internal combustion and electrical power. His mindset seems both positive and fully focused on what’s to come.

Russell is entering his eighth F1 season, and his fifth with Mercedes, and has proved himself without any question to be one of the elite in his sport.

Three seasons with Williams from 2019-21, with team-mates of questionable quality, made it difficult to judge his absolute potential, but some stand-out qualifying performances left little real doubt.

Putting a Williams – one of the slowest cars in the field at the time – second on the grid at Spa-Francorchamps in the wet in 2021 has to stand as one of the all-time great qualifying laps, for example.

When Russell joined Mercedes in 2022, his expectation was that he would become a regular winner and championship contender immediately – the team had just become constructors’ champions for a record eighth consecutive time.

Russell had to be satisfied with proving himself against his team-mate. There was at least considerable satisfaction to be gained from that, given that he spent his first three seasons at Mercedes alongside Lewis Hamilton, the most successful F1 driver of all time.

Over their three seasons together, Russell came out on top in two. He has won five races in the past four years, and last season was the only driver to win apart from the three title contenders, McLaren’s Lando Norris and Oscar Piastri, and Red Bull’s Max Verstappen.

With Verstappen universally acknowledged as the standard to whom all others have to aspire, Russell is one of a small elite group of drivers who stand out from the rest. He’s also become a leader among the driver group, through his role as one of three directors of the Grand Prix Drivers’ Association.

“It’s always nice if your driver is the favourite for the bookmakers and I think he deserves it because he’s one of the best,” team principal Toto Wolff says.

For seven years now, Russell has been a driver just waiting for the right car, and this year he might have it. This year’s new rules have given Mercedes a chance for a reset, and the indication so far is that they have made a much better job of it than last time around.

The feeling in the paddock leaving testing last month is that Mercedes and Ferrari were the teams in the best shape, with Red Bull and McLaren perhaps a little behind in a relatively closely matched top four that is more than a second a lap clear of everyone else.

Russell is confident enough in Mercedes’ potential to say that he “thinks we’ve delivered a very strong car” but he’s wary of the performance of Red Bull’s new engine.

Even so, his sights are set high. “I do want to go head-to-head with Max,” he says. “and obviously Lando had a great season last year.”

As things stand, before Melbourne gives the first glimpse of a real competitive order, Russell’s obvious potential rivals this year are Verstappen, Norris, Piastri and the two Ferrari drivers, Charles Leclerc and Hamilton, if the seven-time champion can rediscover the mojo he appeared to have lost last year, and to some extent in 2024.

Of Russell’s 19-year-old team-mate Kimi Antonelli, who is going into his second season after an up-and-down debut in 2025, Wolff says: “I’m absolutely certain it will be a good year for him, but I don’t think we should expect him to be like George all the time.”

Russell is good friends with world champion Norris and Leclerc. The three came up through the junior ranks together and all believe that the intense competition they gave each other, along with Williams’ Alex Albon, was an important factor in them all reaching F1, as it forced each to keep raising their own standards to keep up with the others.

George Russell and Max Verstappen talk to each other in the pit lane in Qatar in 2024Getty Images

Russell and Verstappen rub along well enough on a surface level, quite happy to chat as and when they end up in news conferences together. But the tension between them is not in doubt.

They had an almighty falling out at the end of the 2024 season, when Verstappen said he’d “lost all respect” for Russell after the Qatar Grand Prix, and accused him of being instrumental in him getting a one-place grid penalty for that race.

Russell responded by saying Verstappen “cannot deal with adversity” and that “people have been bullied by Max for years”.

Equally, would Verstappen have responded as he did, if it had been another driver involved in the series of incidents which led to the red-mist moment in which the Dutchman appeared to deliberately drive into Russell’s car in Spain last year?

Verstappen has admitted his reaction that day was “not good”. But there seems little doubt that a title fight between these two would not be as relatively harmonious as was last year’s between Norris, Piastri and Verstappen.

For now, though, that’s all speculation and Russell is focusing only on what he can control, while pondering the potential threat of Ferrari and Red Bull.

“The car’s feeling good,” he said on the final day of pre-season testing. “The new power-units are feeling fast and we’re making improvements every single day.

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Jones’ ‘humbling’ journey from the pinnacle to boxing

To play this video you need to enable JavaScript in your browser.

Ian Mitchelmore

BBC Sport Wales
  • Comments

After bidding an emotional farewell to a sport that was her whole life, Jade Jones was in the perfect position to retire having reached the pinnacle in taekwondo.

But taking the easy option quite simply isn’t in the DNA of the Flint native – who is pursuing a boxing career less than a year after losing in the first round at the 2024 Olympics.

“It was difficult because I am taekwondo, that’s made my life and I’ll forever be grateful to the sport,” she said.

“I still absolutely love taekwondo, I still train and throw a few kicks.

“The way the Olympics went… I needed a fresh start.

    • 24 February
    • 7 March 2025

Jones, 32, won Olympic gold at the 2012 Olympics in London and again in Rio de Janeiro four years later.

But having reached the ultimate high in one sport, Jones is now bidding to go from bottom to top in a whole new discipline.

She takes on Egypt Criss – daughter of hip-hop stars Anthony ‘Treach’ Criss from Naughty by Nature and Sandra ‘Pepa’ Denton from Salt-N-Pepa – in her maiden boxing bout in Derby on 7 March, a crossover Jones herself labelled “crazy”.

Having trained for little more than a year, Jones swiftly became aware of the unforgiving nature of the sport.

“I think one of the hardest challenges that people don’t realise is going from being at the top of one sport and going to the complete bottom of another sport. It’s very humbling,” Jones told BBC Sport Wales.

“I remember first walking into this gym, I’d never thrown a punch before.

Training under the guidance of former professional boxer Stephen ‘Swifty’ Smith at Liverpool’s iconic 4 Corners Gym, Jones has made huge strides ahead of her boxing debut.

“Bit by bit, the coaches have seen how quickly I’ve improved,” she said.

“I’ve been putting in the work, it’s still only a short time to learn a completely new sport, but I learn really fast and I’m just excited to see the progress and how it’s going to transition going into the ring.

“Swifty and the other Smith brothers have been amazing with me, and everybody here at 4 Corners Gym.

“They’ve built me up from scratch, they’ve not tried to rush it. A lot of people could have thrown me in and just tried to make a bit of money out of me.

    • 7 March 2025

Reaching for the stars… again

Despite hitting the peak in taekwondo, Jones has quickly grasped the full scale of the task that lies ahead in the boxing ring.

Despite understanding her previous statement of aiming to become a two-sport world champion was a bold one, the Welsh sporting icon remains determined to aim for the stars.

“Whatever I do, I’m here to be the best,” said Jones, who won Team GB’s first Olympic gold medal in taekwondo aged 19 in 2012.

“I’m not shy of hard work, I know how to become the best.”

“Now I’m in it, it’s a very tough sport. But I’m here to take it one fight at a time.

To play this video you need to enable JavaScript in your browser.

Delving into the unknown

From the pre-fight weigh-in to the ring-walk, Jones is fully prepared for a number of firsts in Derby.

“It feels even more crazy, the fact I’m going to get in a boxing ring, doing the walk-on that everyone talks about, no head guard, a full on fight, it is crazy, but I am crazy and I absolutely love it,” she said.

“The ring-walk, the lights, the ring, even things like getting your hands wrapped, I’m really trying to embrace everything and try to enjoy it.

“Life’s about making memories and new experiences. Not many can say that they’ve done that walk. I’m really proud of myself for committing to the challenge.”

Nicknamed ‘The Headhunter’ during her glittering taekwondo career due to her ability to kick opponents in the head, Jones is no stranger to being ruthless in combat.

But even an athlete as fierce as Jones accepts she may need to improve her game face when it comes to her upcoming face-off with Criss.

“I’ve had a little practice with the guys in here and I just always end up bursting out laughing,” she said of learning to square up to an opponent during the pre-fight build-up.

Jade Jones celebrates with an Olympic gold medalGetty Images

Representing granddad and inspiration from Price and ‘Team Crazy’

Jones has taken inspiration from “tenacious” former housemate and unified world boxing champion Lauren Price – who played football for Wales in addition to being a kick boxer and taekwondoin prior to her own switch to boxing.

She will also be backed in Derby by friends and family, dubbed ‘Team Crazy’.

And while not there in person, with her every step of the way will be her late grandfather, Martin Foulkes – the man who took Jones to her first ever taekwondo class as a teenager.

“My granddad who got me into the sport sadly passed away a few months ago,” said Jones.

Related topics

  • Taekwondo
  • Boxing

‘I needed a fresh start’ – Jones to make boxing debut after taekwondo switch

To play this video you need to enable JavaScript in your browser.

Ian Mitchelmore

BBC Sport Wales
  • Comments

After bidding an emotional farewell to a sport that was her whole life, Jade Jones was in the perfect position to retire having reached the pinnacle in taekwondo.

But taking the easy option quite simply isn’t in the DNA of the Flint native – who is pursuing a boxing career less than a year after losing in the first round at the 2024 Olympics.

“It was difficult because I am taekwondo, that’s made my life and I’ll forever be grateful to the sport,” she said.

“I still absolutely love taekwondo, I still train and throw a few kicks.

“The way the Olympics went… I needed a fresh start.

    • 24 February
    • 7 March 2025

Jones, 32, won Olympic gold at the 2012 Olympics in London and again in Rio de Janeiro four years later.

But having reached the ultimate high in one sport, Jones is now bidding to go from bottom to top in a whole new discipline.

She takes on Egypt Criss – daughter of hip-hop stars Anthony ‘Treach’ Criss from Naughty by Nature and Sandra ‘Pepa’ Denton from Salt-N-Pepa – in her maiden boxing bout in Derby on 7 March, a crossover Jones herself labelled “crazy”.

Having trained for little more than a year, Jones swiftly became aware of the unforgiving nature of the sport.

“I think one of the hardest challenges that people don’t realise is going from being at the top of one sport and going to the complete bottom of another sport. It’s very humbling,” Jones told BBC Sport Wales.

“I remember first walking into this gym, I’d never thrown a punch before.

Training under the guidance of former professional boxer Stephen ‘Swifty’ Smith at Liverpool’s iconic 4 Corners Gym, Jones has made huge strides ahead of her boxing debut.

“Bit by bit, the coaches have seen how quickly I’ve improved,” she said.

“I’ve been putting in the work, it’s still only a short time to learn a completely new sport, but I learn really fast and I’m just excited to see the progress and how it’s going to transition going into the ring.

“Swifty and the other Smith brothers have been amazing with me, and everybody here at 4 Corners Gym.

“They’ve built me up from scratch, they’ve not tried to rush it. A lot of people could have thrown me in and just tried to make a bit of money out of me.

    • 7 March 2025

Reaching for the stars… again

Despite hitting the peak in taekwondo, Jones has quickly grasped the full scale of the task that lies ahead in the boxing ring.

Despite understanding her previous statement of aiming to become a two-sport world champion was a bold one, the Welsh sporting icon remains determined to aim for the stars.

“Whatever I do, I’m here to be the best,” said Jones, who won Team GB’s first Olympic gold medal in taekwondo aged 19 in 2012.

“I’m not shy of hard work, I know how to become the best.”

“Now I’m in it, it’s a very tough sport. But I’m here to take it one fight at a time.

To play this video you need to enable JavaScript in your browser.

Delving into the unknown

From the pre-fight weigh-in to the ring-walk, Jones is fully prepared for a number of firsts in Derby.

“It feels even more crazy, the fact I’m going to get in a boxing ring, doing the walk-on that everyone talks about, no head guard, a full on fight, it is crazy, but I am crazy and I absolutely love it,” she said.

“The ring-walk, the lights, the ring, even things like getting your hands wrapped, I’m really trying to embrace everything and try to enjoy it.

“Life’s about making memories and new experiences. Not many can say that they’ve done that walk. I’m really proud of myself for committing to the challenge.”

Nicknamed ‘The Headhunter’ during her glittering taekwondo career due to her ability to kick opponents in the head, Jones is no stranger to being ruthless in combat.

But even an athlete as fierce as Jones accepts she may need to improve her game face when it comes to her upcoming face-off with Criss.

“I’ve had a little practice with the guys in here and I just always end up bursting out laughing,” she said of learning to square up to an opponent during the pre-fight build-up.

Jade Jones celebrates with an Olympic gold medalGetty Images

Representing granddad and inspiration from Price and ‘Team Crazy’

Jones has taken inspiration from “tenacious” former housemate and unified world boxing champion Lauren Price – who played football for Wales in addition to being a kick boxer and taekwondoin prior to her own switch to boxing.

She will also be backed in Derby by friends and family, dubbed ‘Team Crazy’.

And while not there in person, with her every step of the way will be her late grandfather, Martin Foulkes – the man who took Jones to her first ever taekwondo class as a teenager.

“My granddad who got me into the sport sadly passed away a few months ago,” said Jones.

Related topics

  • Taekwondo
  • Boxing

Leeds director warns expansion is now or ‘never’

Leeds director Peter Lowy has warned the club’s planned expansion of Elland Road must progress this time or he fears it may never materialise.

Plans to redevelop the club’s ground and increase the capacity from 37,645 seats to approximately 53,000 were approved in January by Leeds City Council.

Leeds hope the regeneration can meet demand from supporters, with 26,000 people currently on a waiting list for a season ticket.

Despite past proposals to redevelop Elland Road, there have been no major modifications to the ground since the £5.5m construction of the East Stand in 1993.

Billionaire Australian businessman Lowy is the principle of the Lowy Family Group (LFG) – the family who founded and built Westfield – and a major investor in 49ers Enterprises, who bought Leeds in 2023.

In a wide-ranging interview with the Leeds United podcast ‘Don’t Go To Bed Just Yet’ on BBC Radio Leeds, Lowy said he was keen for the project to move forward.

“Leeds is ready for it,” he said. “If we don’t get it done this time, it will never happen.

‘Stars aligned’ for stadium ‘masterplan’

Lowy said the “stars are aligned” for the stadium expansion to progress and that stakeholders – including the government – need to deliver on infrastructure projects as part of a “masterplan” for the “regeneration of south Leeds”.

BBC Radio Leeds reported on 20 January that Lowy meet with Chancellor Rachel Reeves to discuss funding a light rail system from Leeds station to White Rose including a stop at Elland Road.

Reeves – who has been the MP for Leeds West and Pudsey, formerly Leeds West, since 2010 – said recently the investment from LFG can “create jobs, unlock opportunities and bring more people into the local economy”.

“The football club is managed properly. The football club has the capital to do the expansion,” Lowy said.

“If the government can actually allocate the capital, and build the infrastructure [then] we could raise and invest somewhere between a billion and two billion pounds on that side.

“If we can work with the government and they can move in a reasonable time period for government, we can invest the capital and build.”

Lowy acknowledged building work had yet to begin but said he was “confident we can get there” and was keen to “push” the government.

“We are doing all the pre-work with the city, just like we did on the stadium, for a masterplan for the area, and last week Leeds Council approved a masterplan that we’ve been working with them on,” he added.

“We have the ability, if the transportation system is there, to build 2,500 housing units, maybe 200,000 square feet of offices, local retail, fresh food markets.

Farke contract talks ‘not on the table’

Daniel Farke claps Leeds fans after their 1-0 defeat to SunderlandGetty Images

Lowy said there have not been any discussions over a new contract for Leeds boss Daniel Farke.

The 49-year-old German was appointed in July 2023 on a four-year deal and guided Leeds back into the Premier League in his second season.

Leeds are currently 15th in the table – six points above the final relegation place – and Lowy said the focus was on survival with “talk about all that stuff [contracts] later”.

“We have not yet stayed in the Premier League,” he added. “We are not yet secured and so we’re not talking about it. It’s like the same thing last year that really bugged me.

“We were on a run-in to win the league or to win the Championship and everyone’s talking about should Daniel be the manager next year or not.

Calvert-Lewin success and wanting him to stay

Lowy said Leeds had not been surprised by the impact made by Dominic Calvert-Lewin this season and it was important to “put the club in a position” where the striker “wants to stay”.

Calvert-Lewin, 28, has scored 10 goals in the Premier League for Leeds having joined the club on a free transfer following his release by Everton.

“You see DCL in training, you see him on the pitch, he’s incredibly fit, he’s playing fantastic football. As he got up to fitness you could see it’s just at Everton he didn’t have the platform,” Lowy added.

“But you could see the ability, and the team that we have saw DCL’s ability. We thought the risk was minimal, and the upside was huge.

Analysis

Adam Pope

BBC Radio Leeds reporter

Considering it was on the morning of an important Premier League clash with Sunderland, Lowy was surprisingly relaxed.

He is an avid supporter who said he still finds seeing the green of the Elland Road pitch magical and how he loves to arrive early and sit in the empty stadium.

He was at ease talking at length about his passion not only for Leeds United but the redevelopment of the stadium and the importance of the government’s support for the mass transit project in helping connect the ground and surrounding area to the city centre.

Lowy revealed £10-£20m has already been committed to improving the ground and how a huge effort is ongoing to regenerate the south Leeds area, which is severely underserved.

He was adamant the club is in a healthy financial position with regards to Profit and Sustainability Rules (PSR) and although it was too early to discuss Farke’s future, he said the manager’s credentials to work effectively in the Premier League were not in question.

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  • Premier League
  • Football
  • Leeds United

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Asian Stocks Tumble, Oil Extends Gains On Iran War

Seoul shares collapsed more than 12 per cent as Asian equity markets were hit by panic selling Wednesday, while oil rose amid fears the US-Israel war on Iran will fan inflation and hammer the global economy.

As the joint strikes on the Islamic Republic moved into a fifth day, observers warned that the continued choking of crude supplies from the Middle East would continue to push prices higher and deal a blow to hopes for any more monetary easing.

US President Donald Trump pledged that if needed, the navy would escort oil tankers through the Strait of Hormuz — through which about a fifth of global oil supplies flow — and ordered Washington to provide insurance for shipping.

That provided some relief to traders and pared a rally in prices Tuesday.

However, Iranian strikes on several neighbours threatened to broaden the conflict, while uncertainty about how long the war would go on and news that some oil fields in the region had been closed continued to put upward pressure on the commodity.

Both main oil contracts rose around one per cent Wednesday.

West Texas Intermediate has soared 12 per cent to more than $75 since last Friday, before the attacks began, while Brent is up more than 13 per cent to sit above $82.

With some warning that they could top $100 a barrel, equity markets are taking a pounding.

“Asian equities are now staring at a third consecutive day of losses, and the reason is not mysterious,” wrote Stephen Innes at SPI Asset Management.

“When crude edges higher, the invoice lands hardest in Asia, where imported energy is not just a line item but a structural dependency.

“Export-driven economies suddenly find themselves recalculating margins with a more expensive barrel sitting quietly in the background of every factory floor and shipping lane.”

Seoul was at the forefront of the selling, having rallied to multiple record highs since the start of the year on the back of the AI tech boom.

Trading on the Kospi and Kosdaq was halted after they both sank more than eight percent, and when business resumed, they extended losses.

The Kospi crashed more than 12 per cent — after shedding more than seven percent Tuesday — as panic-selling set in, and traders unwound their positions

That left the index suffering its worst two-day collapse since 2008 during the global financial crisis.

Chip giants Samsung and SK hynix, which have been at the forefront of Seoul’s surge this year, dived around 10 per cent.

Japan’s Nikkei 225 was off more than four percent, with chipmakers Advantest and Tokyo Electron losing more than four per cent.

Elsewhere in Asia, Hong Kong, Sydney, Singapore, and Taipei all dived more than two per cent, while Bangkok tumbled eight per cent to also spark a trading halt. Shanghai, Wellington, Manila, and Jakarta were also deep in negative territory.

The selling followed big losses in Europe, where London fell 2.8 per cent but both Frankfurt and Paris dropped by more than three per cent — hit by a spike in natural gas prices to their highest levels since Russia’s invasion of Ukraine.

The prospect of energy costs spiking has hammered hopes for any more central bank interest rate cuts, as officials were already concerned about still-elevated inflation.

Analysts said the Federal Reserve, European Central Bank, and Asian central banks would likely delay interest rate cuts, but the Bank of England, as well as those in parts of Latin America and Central Europe, could be forced to hike.

READ ALSO: South Korea’s Kospi Index Drops More 12% On Mideast Worries

Key Figures At Around 0400 GMT

Seoul – Kospi: DOWN 12.6 per cent at 5,065.14

Tokyo – Nikkei 225: DOWN 4.3 per cent at 53,834.75

Hong Kong – Hang Seng Index: DOWN 2.8 per cent at 25,051.33 (break)

Shanghai – Composite: DOWN 1.4 per cent at 4,063.57 (break)

West Texas Intermediate: UP 0.8 per cent at $75.12 per barrel

Brent North Sea Crude: UP 1.0 per cent at $82.22 per barrel

Euro/dollar: DOWN at $1.1603 from $1.1617 on Tuesday

Pound/dollar: DOWN at $1.3329 from $1.3358

Dollar/yen: DOWN at 157.53 yen from 157.59 yen

Euro/pound: UP at 87.06 pence from 86.98 pence

New York – Dow: DOWN 0.8 per cent at 48,501.27 (close)

London – FTSE 100: DOWN 2.8 per cent at 10,484.13 (close)

Asian Stocks Tumble, Oil Extends Gains On Iran War

Seoul shares collapsed more than 12 per cent as Asian equity markets were hit by panic selling Wednesday, while oil rose amid fears the US-Israel war on Iran will fan inflation and hammer the global economy.

As the joint strikes on the Islamic Republic moved into a fifth day, observers warned that the continued choking of crude supplies from the Middle East would continue to push prices higher and deal a blow to hopes for any more monetary easing.

US President Donald Trump pledged that if needed, the navy would escort oil tankers through the Strait of Hormuz — through which about a fifth of global oil supplies flow — and ordered Washington to provide insurance for shipping.

That provided some relief to traders and pared a rally in prices Tuesday.

However, Iranian strikes on several neighbours threatened to broaden the conflict, while uncertainty about how long the war would go on and news that some oil fields in the region had been closed continued to put upward pressure on the commodity.

Both main oil contracts rose around one per cent Wednesday.

West Texas Intermediate has soared 12 per cent to more than $75 since last Friday, before the attacks began, while Brent is up more than 13 per cent to sit above $82.

With some warning that they could top $100 a barrel, equity markets are taking a pounding.

“Asian equities are now staring at a third consecutive day of losses, and the reason is not mysterious,” wrote Stephen Innes at SPI Asset Management.

“When crude edges higher, the invoice lands hardest in Asia, where imported energy is not just a line item but a structural dependency.

“Export-driven economies suddenly find themselves recalculating margins with a more expensive barrel sitting quietly in the background of every factory floor and shipping lane.”

Seoul was at the forefront of the selling, having rallied to multiple record highs since the start of the year on the back of the AI tech boom.

Trading on the Kospi and Kosdaq was halted after they both sank more than eight percent, and when business resumed, they extended losses.

The Kospi crashed more than 12 per cent — after shedding more than seven percent Tuesday — as panic-selling set in, and traders unwound their positions

That left the index suffering its worst two-day collapse since 2008 during the global financial crisis.

Chip giants Samsung and SK hynix, which have been at the forefront of Seoul’s surge this year, dived around 10 per cent.

Japan’s Nikkei 225 was off more than four percent, with chipmakers Advantest and Tokyo Electron losing more than four per cent.

Elsewhere in Asia, Hong Kong, Sydney, Singapore, and Taipei all dived more than two per cent, while Bangkok tumbled eight per cent to also spark a trading halt. Shanghai, Wellington, Manila, and Jakarta were also deep in negative territory.

The selling followed big losses in Europe, where London fell 2.8 per cent but both Frankfurt and Paris dropped by more than three per cent — hit by a spike in natural gas prices to their highest levels since Russia’s invasion of Ukraine.

The prospect of energy costs spiking has hammered hopes for any more central bank interest rate cuts, as officials were already concerned about still-elevated inflation.

Analysts said the Federal Reserve, European Central Bank, and Asian central banks would likely delay interest rate cuts, but the Bank of England, as well as those in parts of Latin America and Central Europe, could be forced to hike.

READ ALSO: South Korea’s Kospi Index Drops More 12% On Mideast Worries

Key Figures At Around 0400 GMT

Seoul – Kospi: DOWN 12.6 per cent at 5,065.14

Tokyo – Nikkei 225: DOWN 4.3 per cent at 53,834.75

Hong Kong – Hang Seng Index: DOWN 2.8 per cent at 25,051.33 (break)

Shanghai – Composite: DOWN 1.4 per cent at 4,063.57 (break)

West Texas Intermediate: UP 0.8 per cent at $75.12 per barrel

Brent North Sea Crude: UP 1.0 per cent at $82.22 per barrel

Euro/dollar: DOWN at $1.1603 from $1.1617 on Tuesday

Pound/dollar: DOWN at $1.3329 from $1.3358

Dollar/yen: DOWN at 157.53 yen from 157.59 yen

Euro/pound: UP at 87.06 pence from 86.98 pence

New York – Dow: DOWN 0.8 per cent at 48,501.27 (close)

London – FTSE 100: DOWN 2.8 per cent at 10,484.13 (close)