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10 Mar 2022

Asian Shares Soar as Ukraine-Russia Diplomacy Strengthens Risk Asset Appetite

The Index Today

Asian shares rose on Thursday spurred by negotiation talks between Russia and Ukraine which renewed the appetite for risk assets among investors. Despite that, market experts warned of a potential turnaround of sentiment in light of persisting risks.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.6% during early trade. Japan’s Nikkei and Hong Kong’s Hang Seng Index edged higher by 3.4% and 1.8% respectively. Chinese blue chips climbed by 1.96% while Australian shares inched up by 1%.

National Australia Bank’s Head of FX Strategy, Ray Attrill contended, "Comments out of Russia and Ukraine are leading to some hope that compromise is possible."

Brent crude soared by 2% to $113.2 a barrel, while U.S. crude rose by 1.37% to $110.19 per barrel by 9:31pm ET. This comes amid increasing sanctions against Russia with the U.S. immediately banning the imports of Russian oil as Britain chose instead to gradually stop the imports by the end of 2022.


©Photo: EUROPEAN PRESSPHOTO AGENCY

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