Shares fell Friday in Asia as uncertainty over the war in Ukraine and persistently high inflation keep their sway over markets.
Tokyo’s Nikkei 225 index JP:NIK slid 2.5% by midday and the Hang Seng HK:HSI in Hong Kong shed 3.2%.
A plan to revoke Russia’s most favored nation trade status over its invasion of Ukraine added to unease over the economic repercussions of the deepening conflict after talks between foreign ministers of the two countries failed to show any concrete progress. Stocks slipped on Wall Street Thursday in choppy trading while oil prices bounced, with a barrel of U.S. crude jumping as much as 5.7%, before ending down 2.5%. A day earlier, benchmarks had surged to their biggest gain since June 2020 when a tumble for oil prices seemed to take some pressure off the world’s high inflation.
Volatility has become the norm since Russia’s invasion of Ukraine. It has raised worries about how high prices will go for oil, wheat and other commodities produced in the region.
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