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

Oil up 2%, Asia markets mostly rise after U.S. investors appear to shrug off Russia-Ukraine concerns
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Following a big rebound on Wall Street overnight, Asia-Pacific stocks mainly climbed on Friday as investors analyzed the Russia-Ukraine situation.

Following Moscow’s invasion of Ukraine, US President Joe Biden stated on Thursday that the US will strive to isolate Russia from the global economy by imposing further sanctions.

Singapore, Singapore, Singapore, Singapore, Singapore, Singapore, Singapore, Singapore, Singapore, Singapore Following a huge return on Wall Street overnight, oil prices jumped 2% and Asia-Pacific stocks mainly climbed on Friday as investors analyzed the Russia-Ukraine situation.

In Asian trade on Friday, U.S. West Texas Intermediate oil futures were up 2.51% at $95.14 per barrel. Brent crude, the worldwide standard, climbed 2.86 percent to $101.91. On Thursday, oil prices fell after surging more than 8% in response to news of Russia’s strike.

Spot gold was last trading at $1,917.93, up 0.78 percent, and has generally been a safe haven in times of uncertainty.

At the closing, the Nikkei 225 was up 1.95 percent to 26,476.50, while the Topix was up 1% to 1,876.24. In other news, the Kospi gained 1.06 percent to 2,676.76 and the Kosdaq gained 2.92 percent to 872.98 in South Korea.

The Nasdaq composite index rose 0.63 percent to 3,451.41 in mainland China, while the Shenzhen component rose 1.21 percent to 13,412.92. The Hang Seng index in Hong Kong fell 0.56 percent on Friday afternoon.

In Australia, the S&P/ASX 200 index remained essentially unchanged, up 0.1 percent.

Block shares in Australia increased by 32.49 percent after the company posted a better-than-expected fourth-quarter profit on Thursday in the United States. After-hours stock prices for the company’s primary listing on the New York Stock Exchange jumped 18 percent.

Twitter’s Jack Dorsey established and leads the payments company, which was previously known as Square. Block’s stock price had risen by more than 40% earlier in the Asian session on Friday.

Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks rose 0.83 percent.

Sanctions against Russia:

Following Moscow’s invasion of Ukraine, US President Joe Biden stated on Thursday that the US will aim to isolate Russia from the global economy by imposing further sanctions. According to the president, the White House has also approved more troops to be stationed in Germany.

More penalties on Russia were also agreed with by the European Union, which demanded that Russia cease all military actions and evacuate its soldiers.

Stocks in the United States made a remarkable reversal to close higher after plunging dramatically earlier in the session, indicating that investors in the United States had shaken off Russia’s aggression on Ukraine.

The S&P 500 rose 1.5 percent after losing more than 2.6 percent, while the Dow Jones Industrial Average gained 92.07 points after reversing an 859-point loss. After falling almost 3.5 percent during trade hours, the Nasdaq Composite gained 3.3 percent.


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