• By The Financial District

Asian Shares Firmer As Ukraine Market Panic Takes A Rest

Asian stocks regained some composure on Tuesday, Mar. 1, 2022, as the massive selling that rocked financial markets after Russia's invasion of Ukraine last week paused for breath while surging crude prices supported oil exporters in the region, Selena Li reported for Reuters.


Photo Insert: High-level talks between Kyiv and Moscow on Monday ended with no agreement except to keep talking, but Asian markets stabilized on signs of no immediate escalation of sanctions.



Global stock markets have tumbled in recent days following Russia's invasion of Ukraine and Western sanctions, which include cutting off some of Russia's banks from the SWIFT financial network and limiting Moscow's ability to deploy its $630 billion foreign reserves.


High-level talks between Kyiv and Moscow on Monday ended with no agreement except to keep talking, but Asian markets stabilized on signs of no immediate escalation of sanctions.



MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.42% and Japan's Nikkei jumped 1.47%. The Russian rouble regained some footing after crashing to an all-time low, while the safe-haven dollar resumed its rise against major peers.


Australia's S&P/ASX 200 index rose 0.92%, paring earlier gains. The country's central bank decided to keep the official cash rate at a record low. The Reserve Bank of Australia said "the war in Ukraine is a major source of uncertainty," and that it would maintain "highly supportive monetary conditions" while monitoring inflation.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Russia's rouble steadied after plunging as much as 30% to a record 120 per dollar after Western countries and their allies slapped Russia with new sanctions. It later clawed back some losses to 101 per dollar, following action by Russia's central bank.


Spot gold was 0.1% lower at $1,906 an ounce, having risen as high as 1,973.96 last week. Brent crude futures, on Tuesday, rose 0.91% to $98.86 per barrel. The benchmark touched a seven-year high of $105.79 after Russia's invasion of Ukraine last week, though markets calmed as the United States and allies discuss a coordinated release of crude stocks.


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Benchmark 10-year U.S. Treasury yields were at 1.8560%, gradually walking back a little ground from Monday's tumble. The euro resumed its decline, dropping 0.2% to $1.1197, but well off the low of $1.1121 from the previous session.



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