World stocks sink amid worries over US rate hikes, Russia

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Global stocks and Wall Street futures have fallen after a Federal Reserve official’s comments fueled expectations of more aggressive U.S. rate hikes and the White House announced more sanctions on Russia. London and Frankfurt opened lower. Tokyo and Hong Kong fell, while Shanghai was little-changed. Oil prices rose more than $1 per barrel. Wall Street’s S&P 500 index tumbled 1.3% after a Fed official said reining in inflation is of “paramount importance.” The White House said Western governments will ban new investment in Russia following evidence its soldiers deliberately killed civilians in Ukraine. The U.S. Treasury said Moscow will be blocked from paying debts with dollars from American financial institutions, potentially increasing the risk of a default.