Asian shares mixed amid Ukraine, sanctions, energy worries
TOKYO (AP) — Asian shares were mixed Monday as Western nations moved to tighten sanctions against Russia and President Vladimir Putin escalated tensions by ordering Russian nuclear forces put on high alert.
Japan's benchmark Nikkei 225 recouped early gains to inch up nearly 0.1% in morning trading to 26,493.03. Australia's S&P/ASX 200 rose 0.5% to 7,032.90. South Korea's Kospi edged up 0.2% to 2,682.98. Hong Kong's Hang Seng slipped 0.9% to 22,567.84. while the Shanghai Composite lost 0.5% to 3,434.22.
Global stock markets have been turbulent since Russia invaded Ukraine last week. Stocks have swung wildly amid uncertainty about how much Russia’s invasion will push up inflation, particularly oil and natural gas prices, and drag on the global economy.
Although the Asian region is unlikely to suffer direct damage from the war in Ukraine, higher energy prices are likely to prove devastating, especially for oil-importing nations like Japan.
Japan has joined the West in slapping sanctions on Russia, joining the international effort to block some Russian banks from the global SWIFT payment system. Prime Minister Fumio Kishida has also said Japan plans to freeze Putin's assets.
“As ties between Russia and Europe worsens, it brings into question whether Russia’s trade relationship with China will strengthen,” said Yeap Jun Rong, market strategist at IG in Singapore.
Russian forces have encountered strong resistance from Ukraine defenders, and U.S. officials believe the invasion has been more difficult than the Kremlin envisioned.
On Wall Street, the S&P 500 ended last week by climbing 2.2% and notching its first weekly gain in three weeks, adding 95.95 points to 4,384.65. The Dow Jones Industrial Average rose 834.92 points, or 2.5%, to 34,058.75. The Nasdaq composite...
