Asian stocks fall after a rally on Wall Street, as investors focus on Ukraine
Asian stock markets are lower following Wall Street’s biggest weekly gain in 16 months, as investors monitor efforts to end Russia’s war on Ukraine.
Asian stocks Oil prices have risen by more than $3 per barrel. Shanghai, Hong Kong, Seoul, and Sydney all pulled back.
The S& P 500 index on Wall Street rose 1.2 percent on Friday as markets materialized to welcome the Federal Reserve’s attempt to combat rising inflation by raising its key interest rate. Asian stocks Which has pushed up oil prices and increased uncertainty about the global economic outlook.
“The uptick in market sentiment has a 50-50 chance of continuing,” said Tan Boon Heng of Mizuho Bank in a report. The Shanghai Composite Index fell by less than 0.1 percent to 3,248.87. While the Hong Kong Hang Seng fell by less than 0.3 percent to 21,344.09.
Seoul’s Kospi fell 0.6 percent to 2,688.95, while Sydney’s S&P-ASX 200 fell less than 0.1 percent to 7,291.80. The Sensex in India opened 0.4 percent lower at 57,621.80. New Zealand and Singapore advanced, while Jakarta and Bangkok fell.
Russia’s attack has heightened investor concerns about the Fed and other central banks withdrawing stimulus. That has pushed up share prices and tighter Chinese business and travel restrictions in response to coronavirus outbreaks.
Fed Chair Jerome Powell expressed confidence in the economy’s ability to withstand higher interest rates last week.
After visiting both countries to meet with his counterparts, Turkey’s foreign minister. Mevlut Cavusoglu, said that Ukraine also Russia are close to reaching an agreement on “fundamental issues.”
In exchange for its neutrality, Ukraine wants Turkey, Germany, and the five permanent members Of the United Nations Security Council to act as guarantors, according to Cavusoglu.
