Global stocks mixed after Fed chair backs smaller rate hike

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Global stock markets are mixed and oil prices climbed after the head of the Federal Reserve said he supports a smaller rise in interest rates than some expected. London and Tokyo advanced while Paris and Frankfurt slipped as Russian forces whose attack on Ukraine has roiled financial markets bombarded the country’s second-largest city and besieged two ports. Shanghai lost less than 0.1%. Fitch Ratings and Moody’s Ratings cut Russia’s credit rating Thursday, saying the invasion and Western sanctions have hurt Moscow’s ability to repay debts and raised risks for the economy and stability. The London Stock Exchange added 27 more Russian-linked companies whose shares were suspended from trading.