Asian shares extend losses on Ukraine fears and Fed jitters

HONG KONG: Asian shares and U.S. futures fell sharply on Tuesday, with investors nervous about the potential for military conflict in Ukraine and ahead of a key Federal Reserve meeting that could offer hints about the timing and pace of rate hikes.

Benchmarks slid, with most extending losses in afternoon trade. MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.43% to its lowest in a month. The Nikkei closed down 1.66%, having earlier touched its lowest level since December 2020.