- 'Impossible': Alcaraz shoots down Federer comparisons after Laver Cup win
- Scholz's party beats far-right AfD in east German state vote
- Verstappen says 'silly' swearing row could hasten F1 exit
- Calls for Israel and Hezbollah to step back from the abyss
- Israel and Hezbollah urged to avoid 'catastrophe'
- Colombia battles fires as drought fuels Latin American flames
- Pressure piles on new French government from day one
- Arteta proud as Arsenal salvage point from 'impossible' task
- Barca rout Villarreal in thriller but Ter Stegen hurt
- Roma stroll past Udinese as fans protest De Rossi sacking
- Horschel outduels McIlroy to win PGA Championship play-off
- Audiences summon 'Beetlejuice' to top of N. America box office for third week
- Stones salvages point for Man City against 10-man Arsenal
- Egypt fears 'all out' regional war: foreign minister to AFP
- Last-gasp Boniface gives Leverkusen victory, Stuttgart outclass Dortmund
- Scholz's party beats far-right AfD in east German state vote: projections
- Olympic champion Evenepoel retains world title in 'toughest time trial'
- Horschel's eagle beats McIlroy in PGA Championship play-off
- Mourners at commander's funeral express loyalty to Hezbollah
- Norris hails his 'mega' McLaren after dominant win at Singapore
- Monaco beat Le Havre to join PSG at the top of Ligue 1
- Scholz's party narrowly leads far-right AfD in east German state vote: exit polls
- New leftist president vows to 'rewrite Sri Lankan history'
- UN adopts pact to tackle volatile future for mankind
- Leclerc hails Ferrari fightback from torrid Singapore GP qualifying
- Belgian Evenepoel retains world title in 'toughest time trial'
- Sosa rescues point for Forest against Brighton
- Last-gasp Boniface gives Leverkusen victory over Wolfsburg in seven-goal thriller
- Swiss voters reject environment, pensions reforms: official results
- No fairytale ending for Ricciardo after 13 years in Formula One
- Israel and Hezbollah urged to step back from the brink
- What is the UN's 'Pact for the Future'?
- Norris dominates Singapore Grand Prix to cut Verstappen's title lead
- From bullets to ballots: Sri Lanka's comrade president-elect
- McLaren's Lando Norris wins Singapore GP to narrow F1 title race
- UN adopts pact promising to build 'brighter future' for humanity
- Military escalation not in Israel's 'best interest': White House
- Marxist leader declared Sri Lanka's president-elect
- Classes resume at Bangladesh university at heart of protests
- 'Barely anyone left': Sudan's El-Fasher devastated by fighting
- 'Warrior' Joshua vows to fight on despite Dubois mauling
- Martin extends MotoGP lead as Bastianini wins at Misano and Bagnaia crashes out
- New French government instantly under pressure on multiple fronts
- Australia's Brown adds world title to Olympic time trial gold
- Russian strike on Ukraine's Kharkiv wounds 21
- UK's Starmer rules out austerity as Labour conference opens
- Swiss voters reject environment, pensions reforms: projected results
- Israel says 'landed blows' on Hezbollah as Lebanon violence intensifies
- Roma CEO steps down amid anger over club icon De Rossi's sacking
- Incoming French government under pressure on multiple fronts
Equity markets mixed, oil falls as investors track Ukraine war
Equity markets were mixed Thursday as investors contemplate the impact of surging inflation and central bank plans to sharply hike interest rates, while oil prices dipped but remain elevated on fears of further Russia sanctions that could hit already thin supplies.
The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the Ukraine war, with efforts to reach a diplomatic solution crawling along.
All eyes are on meetings this week of NATO, where Joe Biden and other leaders are expected to discuss further punishing Moscow for the month-long invasion, while the European Union is still debating a possible embargo on Russian oil.
A warning from Russia that repairs at a terminal near a Black Sea port may take up to two months, causing a drop in exports of about one million barrels per day, added to supply worries.
Both main contracts rallied more than five percent Wednesday -- with Brent back above $120 -- and they continued to advance in early Asian business before falling back in the afternoon.
There was a little support from speculation about progress in the Iran nuclear deal, which could lead to the release of Tehran's crude back onto world markets.
Will Sungchil Yun of VI Investment Corp told Bloomberg News: "There are worries around both supply as well as demand, which may keep prices rather volatile.
"But if fresh sanctions are slapped on Russia, we're looking at another leg up."
The surge in oil markets has fanned already sky-high inflation -- it is at a 40-year high in the United States and a 30-year high in Britain -- putting pressure on central banks to tighten monetary policy before prices run out of control.
In light of that, the Federal Reserve has turned increasingly hawkish.
After last week announcing a quarter-point lift, bank boss Jerome Powell on Monday suggested officials could lift interest rates as much as half a point on more than one occasion if price gains do not slow, even at the expense of the economic recovery.
The prospect of tighter financial constraints down the line is weighing on stocks.
"As traders digest higher (Treasury) yields and higher inflation signals via the oil price channel, stocks are lower," said SPI Asset Management's Stephen Innes.
"We may see volatility increase further regarding multiple 50 basis point hikes and even emergency rate hikes in the near term. Pressure points are building again with oil back on the boil, resulting in stagflation weighing on sentiment again."
Teresa Kong at Matthews Asia added that steeper, quicker tightening by the Fed was necessary.
"The Fed needs to build up its ammunition," she told Bloomberg Television. "Overall, global growth is going to be dampened and they need to be able to cut rates later on, should this have a greater-than-expected recessionary effect."
After a negative lead from Wall Street, Asia fluctuated.
Tokyo, Sydney, Singapore, Manila, Bangkok and Jakarta edged up but Hong Kong, Shanghai, Seoul, Wellington, Taipei and Mumbai were all down.
London, Paris and Frankfurt rose at the open.
And the Moscow stock exchange resumed trading of some shares as it continued re-opening after a month-long suspension over Russia's invasion of Ukraine.
Trading resumed for only around 30 of the largest companies that make up the ruble-denominated MOEX Russia Index, which saw early gains of more than 10 percent.
- Key figures around 0820 GMT -
Brent North Sea crude: DOWN 0.2 percent at $121.37 per barrel
West Texas Intermediate: DOWN 0.2 percent at $114.75 per barrel
Tokyo - Nikkei 225: UP 0.3 percent at 28,110.39 (close)
Hong Kong - Hang Seng Index: DOWN 0.9 percent at 21,945.95 (close)
Shanghai - Composite: DOWN 0.6 percent at 3,250.26 (close)
London: UP 0.1 percent at 7,469.30
Euro/dollar: DOWN at $1.0973 from $1.1013 late Wednesday
Pound/dollar: DOWN at $1.3181 from $1.3204
Euro/pound: DOWN at 83.24 pence from 83.36 pence
Dollar/yen: UP at 121.55 yen from 121.12 yen
New York - DOW: DOWN 1.3 percent at 34,358.50 (close)
H.Seidel--BTB