Oil prices, Asian shares gain after tech rally on Wall St
Shares edged higher in Asia and oil prices also advanced after a tech-driven rally on Wall Street. Trading was light with many regional markets including those in China closed for holidays.
Tokyo's Nikkei 225 index gained 0.2% to 27,787.98 and the Kospi in Seoul eked out a 0.1% gain, to 2,759.20. The S&P/ASX 200 gained 0.2% to 7,527.90. India's Sensex slipped 0.1%.
Russia’s invasion of Ukraine has elevated concerns about rising inflation and the impact on global economic growth. Prices for everything from food to clothing were already rising and the war has added to volatility for energy prices.
The World Bank has downgraded its 2022 growth forecast for the Asia-Pacific region to 5% from 5.4%, in part due to disruptions to supplies of commodities, financial strains and higher prices. That follows a rebound to 7.2% growth in 2021 after many economies experienced downturns with the onset of the pandemic.
The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as “multiple shocks” compound troubles for people and for businesses.
Oil prices have been hovering around $100 a barrel, a hardship for many countries that depend on imports of oil and gas.
U.S. crude climbed 61 cents to $103.89 per barrel early Tuesday in electronic trading on the New York Stock Exchange. Brent crude was up 60 cents at $108.13 per barrel.
The price of U.S. benchmark crude jumped 4% on Monday and Brent crude, the standard for international pricing, rose 3%.
In New York on Monday, the S&P 500 rose 0.8% to 4,582.64, the Dow Jones Industrial Average gained 0.3 to 34,921.88, and the tech-heavy Nasdaq added 1.9% to 14,532.55.
Smaller company stocks also gained ground. The Russell 200 index picked up 0.2%, to 2,095.44.
Twitter surged 27.1% for the biggest gain...