Asian stocks ended on a subdued note Thursday as the conflict between Russia and Ukraine showed no signs of abating and more hawkish comments by Federal Reserve officials on rate hikes dented sentiment.
Chinese shares fell notably amid rising Sino-U.S. tensions after Washington sought to deter Beijing from aiding sanctions-hit Russia.
The United States said it would “absolutely” enforce export controls if Chinese companies send semiconductors to Russia that were made with U.S technology.
China’s Shanghai Composite index shed 0.63 percent to close at 3,250.36 while Hong Kong’s Hang Seng index finished 0.94 percent lower at 21,945.95.
Japanese shares eked out modest gains after manufacturing data for March showed improvement from the previous month and the minutes of the central bank’s January meeting minutes showed growing focus on inflationary pressure.
The Nikkei average rose 0.25 percent to 28,110.39, with nonferrous metal, mining and transportation equipment issues pacing the gainers.
Toyota Motor rallied 3 percent, a day after it announced a stock buyback plan of up to 100 billion yen ($820 million). Similarly, Yamaha Motor climbed 2.7 percent after announcing it would buy back up to 11 million of its shares.
Australian markets fluctuated before ending slightly higher as a survey showed the manufacturing sector in the country expanded at a faster pace in March. The benchmark S&P/ASX 200 index edged up 0.12 percent to settle at 7,387.10 points — marking a third straight session of gain.
Miners and energy stocks topped the gainers list as commodity prices soared amid increasing uncertainty around global supplies.
Growth stocks and banks underperformed after two Fed officials commented on the likelihood of a 50 bps rate hike in the next policy meeting.
Seoul stocks slipped to snap a two-day winning streak after oil prices jumped more than 5 percent on Wednesday, raising concerns about persistently high inflation.
The Kospi average edged down 0.20 percent to 2,729.66. Market bellwether Samsung Electronics dropped 1 percent and No. 2 chipmaker SK Hynix lost 2.4 percent.
Chemicals and energy shares bucked the weak trend to end in positive territory.
New Zealand shares finished modestly lower, with the benchmark NZX-50 index closing 0.36 percent lower at 12,017.61. Heavyweight Fisher & Paykel Healthcare slumped 4.6 percent to extend losses from the previous session in the wake of its revenue downgrade.
Overnight, U.S. stocks fell sharply as oil prices continued to soar, raising concerns over its impact on consumers and many businesses.
The Dow and the tech-heavy Nasdaq Composite lost around 1.3 percent each while the S&P 500 gave up 1.2 percent.
Business News
Asian Shares Retreat As Fed, Ukraine Worries Weigh
2022-03-24 08:49:08
