- Syria authorities say torched 1 million captagon pills
- Pope calls for 'arms to be silenced' across world
- 32 survivors as Azerbaijani jet crashes in Kazakhstan
- Pakistan air strikes kill 46 in Afghanistan, Kabul says
- Liverpool host Foxes, Arsenal prepare for life without Saka
- Zelensky condemns Russian 'inhumane' Christmas attack on energy grid
- Sweeping Vietnam internet law comes into force
- Pope kicks off Christmas under shadow of war
- Catholics hold muted Christmas mass in Indonesia's Sharia stronghold
- Japan's top diplomat in China to address 'challenges'
- Thousands attend Christmas charity dinner in Buenos Aires
- Demand for Japanese content booms post 'Shogun'
- As India's Bollywood shifts, stars and snappers click
- Mystery drones won't interfere with Santa's work: US tracker
- Djokovic eyes more Slam glory as Swiatek returns under doping cloud
- Australia's in-form Head confirmed fit for Boxing Day Test
- Brazilian midfielder Oscar returns to Sao Paulo
- 'Wemby' and 'Ant-Man' to make NBA Christmas debuts
- US agency focused on foreign disinformation shuts down
- On Christmas Eve, Pope Francis launches holy Jubilee year
- 'Like a dream': AFP photographer's return to Syria
- Chiefs seek top seed in holiday test for playoff-bound NFL teams
- Panamanians protest 'public enemy' Trump's canal threat
- Cyclone death toll in Mayotte rises to 39
- Ecuador vice president says Noboa seeking her 'banishment'
- Leicester boss Van Nistelrooy aware of 'bigger picture' as Liverpool await
- Syria authorities say armed groups have agreed to disband
- Maresca expects Man City to be in title hunt as he downplays Chelsea's chancs
- South Africa opt for all-pace attack against Pakistan
- Guardiola adamant Man City slump not all about Haaland
- Global stocks mostly higher in thin pre-Christmas trade
- Bethlehem marks sombre Christmas under shadow of war
- 11 killed in blast at Turkey explosives plant
- Indonesia considers parole for ex-terror chiefs: official
- Postecoglou says Spurs 'need to reinforce' in transfer window
- Le Pen says days of new French govt numbered
- Villa boss Emery set for 'very difficult' clash with Newcastle
- Investors swoop in to save German flying taxi startup
- How Finnish youth learn to spot disinformation
- 12 killed in blast at Turkey explosives plant
- Panama leaders past and present reject Trump's threat of Canal takeover
- Hong Kong police issue fresh bounties for activists overseas
- Saving the mysterious African manatee at Cameroon hotspot
- India consider second spinner for Boxing Day Test
- London wall illuminates Covid's enduring pain at Christmas
- Poyet appointed manager at South Korea's Jeonbuk
- South Korea's opposition vows to impeach acting president
- The tsunami detection buoys safeguarding lives in Thailand
- Teen Konstas to open for Australia in Boxing Day India Test
- Asian stocks mostly up after US tech rally
Oil tops $110, equities sink on rising Ukraine war fears
Crude surged past $110 a barrel Wednesday and equities sank with investors growing increasingly fearful about the Ukraine war's impact on global energy supplies and the economic recovery.
Russian President Vladimir Putin's invasion of his neighbour has sent world markets into a spiral over the past week, further fraying nerves on trading floors caused by runaway inflation and tighter central bank monetary policies.
The crisis has seen numerous countries hammer Moscow with a series of wide-ranging sanctions that have isolated Russia and threaten to crash its economy.
The measures have injected a huge amount of uncertainty into markets with supplies of crucial commodities including metals and grains soaring. The price of global staple wheat is sitting at a 14-year high -- having risen 30 percent in the past month.
But the main source of unease on trading floors is crude, which has rocketed since Russia began preparing to invade. On Wednesday Brent topped $110 for the first time since 2014 and WTI followed suit hours later.
Incoming sanctions have fuelled worries that exports will be cut off from Russia, the world's third-biggest producer of the commodity.
The conflict in eastern Europe comes with prices already elevated owing to tight supplies and a strong recovery in global demand as economies reopen from pandemic-induced lockdowns.
Traders will be keeping a close eye on a meeting of OPEC and other major producers, including Russia, later in the day where they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.
In his State of the Union address, President Joe Biden said the United States would join a 30-country deal to release 60 million barrels to help temper the surge in prices, though analysts have warned such moves would likely only have a limited impact.
The oil price surge has compounded fears about inflation as it sits at a 40-year high in the United States and hurts Americans in the pocket even as the economy rebounds from the pandemic shock.
However, the Ukraine crisis has given the Fed another headache as it is forced to rethink its plans to hike interest rates to get consumer prices under control.
It had been widely expected to lift this month and then up to seven times more before the end of the year, but commentators say it will likely tone down its hawkishness for fear of damaging the recovery.
"The supply chain issues and inflationary pressures will be top of mind for many investors globally," Andy McCormick at T. Rowe Price said.
"These things will almost certainly complicate the already difficult task that central banks were facing trying to battle inflation."
And Uma Pattarkine, of CenterSquare Investment Management, told Bloomberg Television: "The market was looking at anywhere up to seven rate hikes this year -- I think it will be closer to maybe the three or four we were anticipating at the very beginning of this conversation."
Fed boss Jerome Powell's two days of congressional testimony will be closely watched this week for an idea about the bank's thinking.
Wall Street and European markets tumbled Tuesday and the losses largely flowed through to Asia, which had enjoyed two days of relative calm though the selling was not as severe.
Tokyo, Hong Kong and Manila lost more than one percent, while Mumbai shed two percent. there were also losses in Shanghai, Singapore, Taipei, Jakarta, Bangkok and Wellington. However, Sydney and Seoul eked out marginal gains.
- Key figures around 0710 GMT -
Brent North Sea crude: UP 5.9 percent at $111.11 per barrel
West Texas Intermediate: UP 6.5 percent at $110.18 per barrel
Tokyo - Nikkei 225: DOWN 1.7 percent at 26,393.03 (close)
Hong Kong - Hang Seng Index: DOWN 1.7 percent at 22,373.40
Shanghai - Composite: DOWN 0.1 percent at 3,484.19 (close)
Euro/dollar: DOWN at $1.1101 from $1.1126 late Tuesday
Pound/dollar: DOWN at $1.3290 from $1.3326
Euro/pound: UP at 83.53 pence from 83.46 pence
Dollar/yen: UP at 115.17 yen from 114.90 yen
New York - Dow: DOWN 1.8 percent 33,294.95 (close)
London - FTSE 100: DOWN 1.7 percent at 7,330.20 (close)
A.Santos--PC