Stocks fall, oil tops $100 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 $5 per barrel as Russian forces stepped up attacks on Ukrainian cities. Shanghai, Tokyo, Hong Kong and Seoul declined as President Vladimir Putin’s invasion fueled fears of global economic turmoil. Sydney gained. Wall Street’s benchmark S&P index lost 1.5%, deepening a two-month-old skid. The war is adding to worries about global economic growth in the face of plans by the Federal Reserve and other central banks to 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.