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- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Israel pounds Lebanon ahead of Hamas attack anniversary
- Two elephants die in flash flooding in northern Thailand
- Sabalenka targets world number one and Wuhan hat-trick
- Toddler among 4 dead in migrant Channel crossings
- Tunisia votes with Saied set for re-election
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- Man sets arm on fire as marches across US mark Gaza war anniversary
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- Trump rallies at site of failed assassination: 'Never quit'
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- Lebanon state media says 'very violent' Israeli strikes hit south Beirut
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- Madrid beat Villarreal but Carvajal suffers knee injury
- Madrid beat Villarreal to move level with Liga leaders Barcelona
- Monaco take top spot in Ligue 1 with win at Rennes
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- Madrid beat Villarreal to level Liga leaders Barca
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Asian markets drop, oil rises on Ukraine conflict fears
Asian markets fell and oil prices rallied Monday after the United States warned Russia could attack Ukraine within days as diplomatic efforts to prevent a war appeared to fail, while fears over inflation were also keeping traders on edge.
The losses matched a sell-off in New York and Europe on Friday as Western powers prepare for a conflict in eastern Europe after Russian President Vladimir Putin dismissed calls by US counterpart Joe Biden and others to pull back.
Governments have told their citizens to leave Ukraine and US national security adviser Jake Sullivan warned last week that an invasion could begin "any day now" and would likely start with "a significant barrage of missiles and bomb attacks".
German Chancellor Olaf Scholz was preparing to visit Kyiv and Moscow to try to head off the crisis.
The prospect of a conflict compounded the gloomy mood on trading floors after data Thursday showed US inflation hit a forecast-busting 7.5 percent in January, ramping up pressure on the Federal Reserve to hike interest rates by more than expected.
After sharp losses on Friday on Wall Street, the dip continued in Asia.
Tokyo and Mumbai each shed more than two percent, while Hong Kong, Shanghai, Seoul, Jakarta, Wellington and Taipei were at least one percent down. Singapore and Bangkok were also off, though Sydney and Manila rose.
London, Paris and Frankfurt suffered more losses at the open.
A "flight to safety for all markets will be the first order" if Russia invades, said Wai Ho Leong, a strategist with Modular Asset Management in Singapore.
"The impact on inflation will go beyond oil and gas," he warned. "For the rest of the world, it is potentially a massive food shock -- as Ukraine is a major exporter of grain -- mainly corn and wheat."
Wheat futures are up about eight percent since the start of the month.
Eli Lee at Bank of Singapore added that the volatility that had characterised markets so far this year would probably continue.
"In the scenario of military action, we could see a spike in oil and gas prices, which would exacerbate the issue of inflation over the near term, and result in a market-wide risk-off move," he wrote in a note.
"This would inject volatility into risk assets and cause a bid for safe havens such as the Japanese yen, the US dollar and gold."
Meanwhile, oil prices jumped, closing in on the $100-a-barrel mark last seen in 2014, as investors grow increasingly worried about supplies in the event of a war.
The crisis comes with crude already tight, owing to a pick-up in demand as economies reopen after the coronavirus pandemic and people return to a more normal life.
- Key figures around 0815 GMT -
Tokyo - Nikkei 225: DOWN 2.2 percent at 27,079.59 (close)
Hong Kong - Hang Seng Index: DOWN 1.4 percent at 24,556.57 (close)
Shanghai - Composite: DOWN 1.0 percent at 3,428.88 (close)
London - FTSE 100: DOWN 1.1 percent at 7,575.21
West Texas Intermediate: UP 0.8 percent at $93.86 per barrel
Brent North Sea crude: UP 0.6 percent at $95.02 per barrel
Dollar/yen: DOWN at 115.32 yen from 115.48 yen late Friday
Euro/dollar: DOWN at $1.1332 from $1.1351
Pound/dollar: DOWN at $1.3524 from $1.3564
Euro/pound: UP at 83.79 pence from 83.64 pence
New York - Dow: DOWN 1.4 percent at 34,738.06 (close)
-- Bloomberg News contributed to this story --
F.Pedersen--AMWN