Asian Shares Reverse Early Losses

Asian stocks ended mostly higher on Monday as optimism over talks between Russia and Ukraine outweighed concerns over banning Russia from the SWIFT financial system.

The EU, Britain and the U.S. are freezing the Russian central bank’s assets, meaning they can’t be deployed to intervene in currency markets.

The Russian currency fell nearly 30 percent against the U.S. dollar after President Putin put Russian nuclear forces on high alert in an effort to deter NATO supplies from being sent into Ukraine.

Chinese shares ended a choppy session modestly higher, led by gains by energy and material stocks. The benchmark Shanghai Composite Index rose 10.90 points, or 0.3 percent, to 3,462.31, while Hong Kong’ Hang Seng Index dipped 0.2 percent to close at 22,713.02.

Japanese stocks fluctuated before ending slightly higher amid hopes that the planned talks between Russia and Ukraine at the Belarusian-Ukrainian border could lead to a ceasefire.

The Nikkei 225 Index edged up 50.32 points, or 0.2 percent, to 26,526.82, while the broader Topix closed 0.6 percent higher at 1,886.93.

Oil explorer Inpex topped the gainers list to close 2.6 percent higher, while technology investor SoftBank Group and air conditioner maker Daikin Industries both rose over 1 percent.

Australian markets rose notably despite high levels of global uncertainty and tumbling U.S. index futures. The benchmark S&P/ASX 200 Index climbed 51.30 points, or 0.7 percent, to 7,049.10, while the broader All Ordinaries Index gained 49.60 points, or 0.7 percent, to finish at 7,323.20.

Strong iron ore prices helped lift miners, with heavyweights Rio Tinto and BHP jumping 3-4 percent. Woodside Petroleum rallied 2.1 percent and Santos advanced 1.5 percent as oil prices continued to climb amid the intensifying Russia-Ukraine conflict.

Gold miner Newcrest Mining added 3.4 percent after receiving final approval in relation to the acquisition of Pretium Resources by way of Canadian Plan of Arrangement.

Seoul stocks advanced on reports that Ukrainian authorities will hold talks with Russian counterparts. The Kospi rose 22.42 points, or 0.8 percent, to close at 2,699.18, with Naver and LG Chem rising 1-2 percent.

New Zealand shares eked out modest gains as the MSCI Indices had their quarterly rebalance. The benchmark S&P/NZX 50 Index ended up 54.39 points, or 0.5 percent, at 11,977.77.

Tourism Holdings surged 6.1 percent after the campervan and tourism operator said demand from international travelers is picking up in its United States and Australian markets.

U.S. stocks posted strong gains on Friday as the West’s seeming unwillingness to target Russia’s energy sector helped ease worries about a spike in oil and gas prices. Hopes of peace talks between Russia and Ukraine also underpinned sentiment.

The Dow climbed 2.5 percent, the tech-heavy Nasdaq Composite surged 1.6 percent and the S&P 500 added 2.5 percent.

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