World shares fall as pricier energy feeds inflation fears

By ELAINE KURTENBACH
AP Business Writer

Shares have fallen in Europe and Asia as surging prices of oil, coal and other energy fanned fears over inflation. Benchmarks declined in Paris, Frankfurt, Tokyo, Hong Kong and Shanghai. Oil prices extended gains, having closed above $80 per barrel on Monday. On Wall Street, stocks closed broadly lower, with the S&P 500 down 0.7%. The Dow Jones Industrial Average also fell 0.7% and the Nasdaq fell 0.6%. Costs of oil, coal and natural gas have surged, adding to concerns that price pressures might lead the Federal Reserve and other central banks to pull back more quickly on their support for markets.