BANGKOK — 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 7% on Monday.
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.
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 0.6% and the Kospi
in Seoul added 0.2%. The Hang Seng
in Hong Kong picked up 0.5%, while the Shanghai Composite index
lost 0.4% as the city entered a second day of a lockdown to combat a COVID-19 outbreak. Stocks fell in Singapore
Australia’s S&P/ASX 200
surged 0.9%. 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.