Table 4.

P-values of permutation test.

Financial assets	Shanghai Composite Index	S&P 500 index	WTI oil price	LBMA gold price
P-value	0.1006	0.0196**	$5.6\times {10}^{-4}$***	$6.3\times {10}^{-4}$***

Notes: This table presents the p-values of the permutation test. The asterisks *, **, and *** denote significance at 10 %, 5 % and 1 % significance levels, respectively. A significant p-value indicates a significant change in price level around the outbreak of the Russia-Ukraine conflict, which implies that the financial asset can be considered as unstable.