![Asian markets fall again, oil builds on gains as Ukraine war rages](https://www.portugalcolonial.pt/media/shared/articles/51/08/1c/Asian-markets-fall-again--oil-build-997144.jpg)
-
Venezuela takes diplomatic jab at Brazil in spat over election
-
Multiple people shot along highway in US state of Kentucky
-
In Papua New Guinea, Pope holds mass 'at the edge of the world'
-
Hewett stays positive for wheelchair tennis despite agonising defeat
-
Three things on US Open champion Aryna Sabalenka
-
Sabalenka downs Pegula to win US Open thriller
-
USA slump to first home defeat against Canada in 67 years
-
Argentina hand Australia record 67-27 loss in Rugby Championship
-
England impress on Carsley bow, Germany, Dutch hit five
-
AFP photographer wins top prize for Gaza coverage
-
No Love for Packers for three weeks after ligament sprain: reports
-
Pedro Almodovar: chronicler of modern Spain crowned in Venice
-
Trump sounds dark tone at rally, Harris 'ready' for debate
-
Wirtz and Musiala dazzle to kick-start new Germany era
-
Chinese teenager takes 7th gold of Paris Paralympics
-
England interim boss Carsley 'respects' divided opinions over anthem
-
Neuville moves to the front in the Acropolis Rally
-
Garfield, Pugh charm Toronto in new romance 'We Live in Time'
-
21 boys confirmed dead in Kenya school inferno
-
Over 100,000 protest in France against new prime minister
-
Golden 30 minutes takes China to swimming Paralympics swimming domination
-
Green leads Australia to T20 series sweep of Scotland
-
Nigeria, Cameroon win afer chaotic AFCON build-ups
-
Nicole Kidman: A-lister, cinematic chameleon, wins in Venice
-
'I had to prove myself', says Kolisi after win against All Blacks
-
Almodovar wins top prize at Venice film festival
-
Grealish savours England redemption after 'worst summer'
-
Carsley makes flying start as England interim boss in win over Ireland
-
Springboks close on Rugby Championship with storming win over All Blacks
-
Sri Lanka's De Silva and Kamindu Mendis defy England in third Test
-
Farrell's Racing lose on opening day of Top 14
-
Dunbar takes second Vuelta stage as Roglic closes in on victory
-
Fritz eyes US Open glory to end 21 years of American hurt
-
Thousands protest in France against new prime minister
-
Trump to hold rally in swing state, Harris preps for debate
-
Stone at the double as Sri Lanka collapse against England in third Test
-
French tennis player takes legal action over online abuse
-
Italy backs Kyiv's 'legitimate defence' as Zelensky presses allies
-
The Body Shop rescued from administration after deal
-
Smoke and screams: The horror of Kenya's school dorm inferno
-
MotoGP leader Martin roars to victory in San Marino sprint
-
Ireland and UK to 'reset' relations as Starmer begins Dublin visit
-
Ma Lin turns brutal encounter with bear into glorious Paralympic career
-
Flintoff appointed England Lions head coach
-
Sri Lanka hit back as Pope falls during England collapse in second Test
-
Kyiv hits Russian ammo depot as Moscow advances in east
-
Italy PM states 'determined' support as Zelensky presses allies
-
Bagnaia claims pole for San Marino MotoGP with lap record
-
Meet the Woodhalls: Track and field couple light up Paralympics and Olympics
-
Gaza war in its 12th month with truce hopes slim
![Asian markets fall again, oil builds on gains as Ukraine war rages](https://www.portugalcolonial.pt/media/shared/articles/51/08/1c/Asian-markets-fall-again--oil-build-997144.jpg)
Asian markets fall again, oil builds on gains as Ukraine war rages
Asian markets mostly fell again Tuesday as investors try to assess the economic impact of the Ukraine war, while oil prices extended gains after rocketing to a near 14-year high.
As Russia's invasion of its neighbour continues, commodity prices have been sent to record or multi-year highs, forcing observers to re-evaluate their outlook for the global recovery with some now warning of a period of soaring inflation and low growth or recession.
Monday's session saw a sea of red across trading floors after the United States said it was considering banning the import of crude from Russia, the world's number three producer, sending the price of Brent to almost $140 for the first time since 2008.
While the black gold eased back slightly it remains elevated and continued to rise again on Tuesday, with Brent holding above $125 and WTI north of $120.
Europe was not so keen on the idea, with German Chancellor Olaf Scholz saying Russian oil and gas are of "essential importance" to the continent's economy. Roughly 40 percent of EU gas imports and one quarter of its oil come from Russia.
Meanwhile, Moscow warned that in retaliation for strict sanctions imposed on it for the invasion, it could cut off natural gas supplies to Europe via the Nord Stream 1 pipeline.
European gas prices hit records Monday, while other commodities sourced from Ukraine and Russia also rallied, with nickel and wheat at new all-time highs.
The crisis comes just as uncertainty was rising owing to surging prices caused by a spike in demand for oil, tight supplies and pandemic-induced supply chain snarls, among other things.
Meanwhile, central banks are starting to wind back the ultra-loose monetary policies put in place at the start of the pandemic as they try to get a grip on runaway prices.
And while analysts have lowered their expectations for how much and how quickly officials will tighten in light of the war, they still see a tougher investing environment down the line.
"It's all about slowing growth and rising inflation," Alifia Doriwala of Rock Creek told Bloomberg Television. "With the sanctions on Russia intensifying, it's hitting all sectors. Then you are going to have some central bank action amidst much uncertain economic growth."
After a rout on US markets, Asia was again in negative territory, though the losses were less severe than the previous two days.
Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei and Manila were all off, though Jakarta eked out small gains.
- Key figures around 0300 GMT -
Tokyo - Nikkei 225: DOWN 0.3 percent at 25,143.52 (break)
Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,989.79
Shanghai - Composite: DOWN 1.2 percent at 3,333.80
Brent North Sea crude: UP 2.0 percent at $125.65 per barrel
West Texas Intermediate: UP 1.0 percent at $120.53 per barrel
Dollar/yen: UP at 115.43 yen from 115.27 yen late Monday
Euro/dollar: DOWN at $1.0880 from $1.0858
Pound/dollar: DOWN at $1.3125 from $1.3109
Euro/pound: UP at 82.90 pence from 82.79 pence
New York - Dow: DOWN 2.4 percent at 32,817.38 (close)
London - FTSE 100: DOWN 0.4 percent at 6,959.48 (close)
T.Resende--PC