Asian stocks advanced on Tuesday as investors gained some optimism from talks aimed at ending the Russian military assault on Ukraine. U.S. President Joe Biden said on Monday Americans should not worry about a nuclear war after Moscow put its nuclear deterrent on high alert.

Chinese shares rose after official data showed factory activity in the country picked up momentum in February following the Lunar New Year holiday. Services activity also grew at a faster pace in the month.

The benchmark Shanghai Composite index climbed 26.53 points, or 0.77 percent, to 3,488.83 while Hong Kong’s Hang Seng index edged up 48.69 points, or 0.21 percent, to 22,761.71 amid mixed messaging from the government over whether it plans a lockdown this month.

Japanese shares rose sharply despite data showing that manufacturing activity growth slowed to a five-month low in February. The Nikkei average jumped 317.90 points, or 1.20 percent, to 26,844.72, while the broader Topix index ended up 10.24 points, or 0.54 percent, at 1,897.17.

Toyota Motor Corp edged down slightly. The company suspended domestic factory operations after a supplier of plastic parts and electronic components was hit by a suspected cyberattack.

South Korean financial markets were closed for Independence Day holiday.

Australian markets rose notably as the Reserve Bank announced no changes to the record low cash rate and a survey showed the manufacturing sector in the country moved back into expansion territory in February.

The benchmark S&P/ASX 200 rose 47.40 points, or 0.67 percent, to 7,096.50 while the broader All Ordinaries index ended up 62.10 points, or 0.85 percent, at 7,385.30.

Tech shares dominated the session, with Afterpay-owner Block rallying as much as 12.8 percent. Yancoal soared almost 15 percent after the coal miner posted record revenue and earnings for the first half.

New Zealand shares posted their biggest gain in a month as the country created a five step plan for reopening its borders and Russia faced increased isolation over its invasion of Ukraine. The S&P/NZX 50 index climbed 220.15 points, or 1.84 percent, to 12,197.92, marking the biggest gains since February 2.

Travel-related stocks led advances, with Air New Zealand rallying 3.7 percent and Auckland International Airport adding 3.2 percent.

U.S. stocks ended a highly volatile session on a mixed note overnight amid an escalation in Russia-Ukraine conflict, rising oil prices and broader inflationary pressures.

The Dow dipped half a percent and the S&P 500 slid 0.2 percent while the tech-heavy Nasdaq Composite rose 0.4 percent.




Asian Shares Rise On Optimism Over Russia-Ukraine Talks

2022-03-01 08:51:00

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