Asian stocks surge after oil falls, easing inflation fears

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Tokyo’s stock benchmark soared 4% and other Asian markets have surged after oil prices dropped, easing fears inflation was set to accelerate. Wall Street’s S&P 500 index rose 2.6% for its biggest daily gain in 12 years as prices swing wildly amid uncertainty about the impact of Russia’s war on Ukraine. Markets rallied after oil prices in New York and London fell by more than $15 per barrel, easing a run-up caused by fears the war might disrupt Russian supplies. Economists said the changes were influenced by shifts in futures contracts and other market factors, not war developments. They warned markets will stay volatile while Russian and Ukrainian diplomats prepare to meet for negotiations.