Asian stocks rose broadly on Tuesday as Turkish President Recep Tayyip Erdogan opened the latest round of peace talks between Ukraine and Russia in Istanbul with a speech.
Russia appeared to be de-emphasizing ground operations near Kyiv and concentrating more on the Donbas region.
China’s Shanghai Composite index closed 0.33 percent lower at 3,203.94 despite speculation that authorities could reduce bank reserve requirements to support credit expansion and prop up economic growth. Hong Kong’s Hang Seng index gained 1.12 percent to settle at 21,927.63.
Japanese shares led regional gains after the Bank of Japan vowed to defend a key yield cap, offering to buy unlimited government bonds for the first four days of this week in the face of mounting inflationary pressures.
The Nikkei average climbed 1.10 percent to close at 28,252.42 while the dollar hit a six-year high versus the yen on the decisive BoJ move to contain rising bond yields.
Australian markets rose for the sixth straight session, with tech companies and financials outperforming. Block Inc shares soared 6.8 percent and Xero added 3.3 percent.
Miners and energy stocks declined as commodity prices fell on concerns over demand after China’s moves to combat a Covid-19 outbreak.
The benchmark S&P/ASX 200 index inched up 0.7 percent to 7,464.30 – marking its highest level since Jan. 13 after retail sales figures for February beat forecasts.
Seoul stocks eked out modest gains after central bank data showed that consumer confidence held up relatively well in March despite increasing global risks.
Inflation expectations also rose, raising speculation the Bank of Korea will resume policy rate hikes in May.
The Kospi average inched up 0.42 percent to 2,741.07. Samsung Electronics, LG Energy Solution and SK Hynix climbed 1-2 percent while state-run Korea Electric Power Corp. fell as much as 2.8 percent.
New Zealand shares gave up early gains to end on a flat note as investors kept a wary eye on the war in Ukraine.
U.S. stocks rose overnight on hopes of progress in Russia-Ukraine peace talks.
The Dow inched up 0.3 percent, the S&P 500 gained 0.7 percent to extend gains for a third straight session and the tech-heavy Nasdaq Composite added 1.3 percent.
Market Analysis
Asian Shares Mostly Higher As Peace Talks Begin In Turkey
2022-03-29 08:37:45
