Asian stocks plunge after Putin announces action in Ukraine

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets have plunged and oil prices surged to near $100 per barrel after President Vladimir Putin announced Russian military action in Ukraine. Market benchmarks in Tokyo and Seoul fell more than 2%. Hong Kong and Sydney lost more than 3%. Oil prices jumped more than $4 on unease about possible disruption of Russian supplies. U.S. futures lost more than 2% and the ruble sank 4.4% against the U.S. dollar. Earlier, Wall Street’s benchmark S&P 500 index fell 1.8% to an eight-month low after the Kremlin said rebels in eastern Ukraine asked for military assistance. Investors already were uneasy about the possible impact of the Federal Reserve’s plans to try to cool inflation.