World News | Asian Shares Higher Ahead of Russia-Ukraine Peace Talks

Bangkok, Mar 29 (AP) Asian shares were higher Tuesday after an advance on Wall Street ahead of another round of peace talks between Russia and Ukraine.

Crude oil prices fell further after sinking 7per cent on Monday.

Also Read | Dmytro Khilyuk, Ukrainian Journalist, Abducted by Russian Forces: Media Watchdog.

Trading has remained choppy as investors try to gauge what's next for inflation and the global economy as the repercussions of Russia's invasion of Ukraine continue to play out.

Ukrainian forces claimed to have retaken a Kyiv suburb and an eastern town from the Russians in what is becoming a back-and-forth stalemate on the ground, while negotiators began assembling in Turkey for another round of talks Tuesday aimed at stopping the fighting.

Also Read | Taliban Prevents Beardless Government Employees’ Entry to Offices in Afghanistan.

Ukrainian President Volodymyr Zelenskyy said his country could declare neutrality to secure peace, but would prioritize protecting its sovereignty and territory.

Tokyo's Nikkei 225 rose 0.6per cent to 28,110.73 and the Kospi in Seoul added 0.3per cent to 2,737.05. The Hang Seng in Hong Kong picked up 0.6per cent to 21,826.68, while the Shanghai Composite index lost 0.2per cent to 3,207.64 as the city entered a second day of a lockdown to combat a COVID-19 outbreak.

Australia's S&P/ASX 200 surged 0.7per cent to 7,467.20. Its government plans to increase spending on national security while reducing costs for households, in part by reducing a tax on gasoline, Treasurer Josh Frydenberg said before presenting a budget proposal Tuesday.

Weaker oil prices helped push shares higher, said Yeap Jun Rong of IG.

“China, Japan, South Korea and Taiwan are major oil importers, hence lower oil prices may be deemed as positive for their economies," Yeap said in a commentary.

U.S. crude oil lost 71 cents to USD105.21 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, it slumped 7per cent and Brent crude, the international standard, fell 6.8per cent.

Brent crude shed 84 cents to 108.65 per barrel in London.

The latest retreat in oil prices followed the news of China's most extensive coronavirus lockdown in two years to control a growing outbreak in Shanghai. That could put a dent in global demand for energy.

Oil prices remain volatile amid the backdrop of Russia's invasion of Ukraine. The United Arab Emirates' energy minister doubled down Monday on an oil alliance with Russia, saying that nation, with its 10 million barrels of oil a day, is an important member of the global OPEC+ energy alliance.

Oil prices are up about 40per cent globally over concerns about tighter supplies as demand remains strong. Higher oil prices are also raising concerns that already persistently high inflation could be worsened, further threatening global economic growth.

On Wall Street, the S&P 500 rose 0.7per cent to 4,575.52. The Dow Jones Industrial Average eked out a 0.3per cent gain, closing at 34,995.89. The tech-heavy Nasdaq composite closed 1.3per cent higher, at 14,354.90.

Smaller company stocks were little changed. The Russell 2000 index inched up less than 0.1per cent to 2,078.06.

Tesla jumped 8per cent after saying it would seek shareholder approval to do another stock split. Plantronics jumped 52.6per cent after HP said it will buy the headset maker.

Bond yields eased back after shooting higher this month. The yield on the 10-year Treasury fell to 2.46per cent from 2.49per cent late Friday. Bond yields have been rising as Wall Street prepares for higher interest rates. The Federal Reserve has already announced a 0.25per cent hike of its key benchmark interest rate and is prepared to continue raising rates to help temper the impacts of rising inflation.

Investors will get more updates this week on just how much inflation is hurting consumers and businesses. The Conference Board will release its consumer confidence index for March on Tuesday. The Commerce Department will release its February report for personal income and spending on Thursday and the Labor Department will release its employment report for March on Friday.

In currency trading, the dollar slipped to 123.48 Japanese yen from 123.77 yen. The euro rose to USD1.0989 from USD1.0983. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)