Asian shares are generally higher ahead of a new session of peace negotiations that will take place between Russia as well as Ukraine.
By ELAINE KURTENBACH, AP Business Writer
BANGKOK (AP) Bangkok (AP)BANGKOK (AP). Asian shares were mostly up on Tuesday amid a muted market ahead of the second session of talks on the peace that will take place between Russia as well as Ukraine.
The price of crude oil fell even more after sagging by 7% on Monday.
The market has been choppy as investors attempt to determine the next steps for inflation and the global economy, as the consequences of Russia’s invasion of Ukraine continue to be played out.
Ukrainian forces claim that they had retaken a Kyiv town and an eastern city against the Russians in what has become an uneasy standoff on the ground. Meanwhile, negotiators were gathered in Turkey to resume talks on Tuesday to stop the conflict.
Ukrainian president Volodymyr Zelenskyy has said that the country might declare neutrality to ensure peace, but it would prioritize the protection of its territorial sovereignty and sovereignty.
Tokyo’s Nikkei 225 index rose 1.1 percent up to 28,252.42, as did it climbed to 28,252.42, while the Kospi in Seoul increased by 0.4 percent to 2,740.13. In Hong Kong, the Hang Seng in Hong Kong rose by 0.8 percent to 21,864.68. The Shanghai Composite index lost 0.2 percent to 3,207.96 during another day of lockdown to stop an outbreak of COVID-19.
Australia’s S&P/ASX 200 jumped 0.7 percent to 7,464.30. The government is planning to boost the spending on national security, and reduce household expenses due to a reduction in the gasoline tax and other fuels, Treasury Minister Josh Frydenberg said before presenting an economic plan for the coming year on Tuesday.
According to Yeap Jun Rong, the lower oil prices have led to shares rising, IG’s chief economist. IG.
“China, Japan, South Korea, and Taiwan are major oil importers, hence lower oil prices may be deemed as positive for their economies,” Yeap declared in a statement.
U.S. crude oil lost 43 cents to $105.53 per barrel during online trading at the New York Mercantile Exchange. On Monday, the price dropped by 7.7%, while Brent crude, which is the international standard, fell 6.8 percent.
Brent crude fell 35 cents, settling at 109.14 each barrel in London.
The most recent decline in oil prices came after the news of China’s first massive coronavirus shutdown in the last two years to contain an outbreak that is growing in Shanghai. This could result in a decrease in the global energy demand.
Oil prices remain volatile against the background of Russia’s incursion into Ukraine. The United Arab Emirates energy minister stepped up Monday on an oil partnership with Russia, stating that the nation, with 10 million barrels of oil per day, is a significant part of the worldwide OPEC+ energy alliance.
The price of oil is up around 40% across the globe due to fears of tighter supplies, with demand still strong. The higher oil prices raise concerns that the current high inflation may be escalating, which could further hamper the growth of global economies.
The market on Wall Street, the S&P 500, increased 0.7 percent to 4,575.52. In the meantime, the Dow Jones Industrial Average eked out an 0.3 percent gain and closed at 34,995.89. The high-tech Nasdaq composite ended 1.3 percent higher, standing at 14,354.90.
Smaller stocks of companies were not much changed. The Russell 2000 index inched up just 0.1 percent to 2,078.06.
Tesla gained 8% following the company announced it would need shareholder approval before executing another stock split. Plantronics increased its share price by 52.6 percent after HP announced it would buy its headset manufacturer.
Bond yields have slowed down after climbing higher in March. Ten-year Treasury dropped to 2.46 percent from 2.49 0.9% late on Friday. The work on bonds has increased in the wake of Wall Street’s preparation for higher interest rates. The Federal Reserve has already announced the possibility of a 0.25 percent increase in its benchmark interest rate and is set to increase rates to limit the effects of inflation.
Investors will be getting more updates this week about how inflation affects businesses and consumers alike. In the coming week, the Conference Board will release its consumer confidence index for March next Tuesday. It is expected that the Commerce Department will release its February report on personal earnings and expenditure on Thursday, and the Labor Department will release its March report on employment on Friday.
The dollar fell to 123.47 Japanese yen in exchange for a currency of 123.77 Japanese yen. The euro climbed by a quarter to $1.0990, up from $1.0983.
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