Oil up 2%, Asia markets rise after U.S. investors appear to shrug off Russia-Ukraine concerns

Key Points

• Asia-Pacific shares rose on Friday as investors assessed the Russia-Ukraine conflict following a massive comeback on Wall Street overnight.
• U.S. President Joe Biden on Thursday said Washington will seek to isolate Russia from the global economy by introducing new sanctions following Moscow’s invasion of Ukraine.

SINGAPORE — Oil prices leaped 2% and Asia-Pacific shares rose on Friday as investors assessed the Russia-Ukraine conflict following a massive comeback on Wall Street overnight.

U.S. West Texas Intermediate crude futures were up 2.64% at $95.26 per barrel in Asia trade on Friday. The international benchmark Brent crude increased 2.77% to $101.82. Oil pared gains on Thursday after rising more than 8% on the news of Russia’s attack.

Japan’s Nikkei 225 was up 1.62%, while the Topix gained 0.84% on Friday morning. Elsewhere, in South Korea, the Kospi rose 1.12% and the Kosdaq added 2.32%.The S&P/ASX 200 in Australia advanced 0.38%.

The Shanghai composite in mainland China added 0.45%, and the Shenzhen component jumped 1.44%. While Hong Kong’s Hang Seng index was up 0.32%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.72% higher.

Spot gold, traditionally a safe haven in times of uncertainty, last traded at $1,908.56, up 0.28%.

Sanctions on Russia

U.S. President Joe Biden on Thursday said Washington will seek to isolate Russia from the global economy by introducing new sanctions following Moscow’s invasion of Ukraine. The White House has also authorized additional troops to be stationed in Germany, the president said.

The European Union also agreed to more sanctions on Russia, calling on the country to stop all military action and withdraw its forces.

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Investors in the U.S. appeared to shake off Russia’s attack on Ukraine, with stocks mounting a stunning reversal to close higher after falling sharply earlier in the session.

The S&P 500 gained 1.5% after falling more than 2.6%, while the Dow Jones Industrial Average erased a 859-point drop to advance 92.07 points. The tech-focused Nasdaq Composite rose 3.3% after declining nearly 3.5% during trading hours.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.058, down from 97.137.

The Japanese yen traded at 115.43, while the Australian dollar changed hands at $0.7161.

Bitcoin was up 2.26% at $38,513 on Friday morning in Asia.

TICKER	COMPANY	NAME	PRICE	CHANGE	%CHANGE
.N225	Nikkei 225 Index	*NIKKEI	26353.58	382.76	1.47
.HSI	Hang Seng Index	*HSI	22792.96	-108.6	-0.47
.AXJO	S&P/ASX 200	*ASX 200	7010.7	20.1	0.29
.SSEC	Shanghai	*SHANGHAI	3466.63	36.67	1.07
.KS11	KOSPI Index	*KOSPI	2675.94	27.14	1.02
.FTFCNBCA	CNBC 100 ASIA IDX	*CNBC 100	9292.32	21.64	0.23

Source : CNBC