Stocks fall, oil tops $110 a barrel as Ukraine war rages

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets have slid and oil prices surged more than $7 per barrel as Russian forces stepped up attacks on Ukrainian cities. Shanghai, Tokyo, Hong Kong and Southeast Asian markets declined as President Vladimir Putin’s invasion fueled fears of global economic turmoil. Share trading on Moscow’s exchange was due to stay closed for a third day. Wall Street’s benchmark S&P index lost 1.5% on Tuesday, deepening a two-month-old skid. The war is adding to worries about global economic growth as the Federal Reserve and other central banks fight surging inflation by raising interest rates. Investors were waiting for more clues about possible rate hikes when Fed Chair Jerome Powell speaks Wednesday before Congress.