Canberra, Mar. 9, (dpa-AFX/GNA) – Asian stocks ended mixed on Wednesday after US President Joe Biden announced a ban on Russian oil and gas imports which prompted Russia to retaliate with a wider ban on commodity exports until the end of 2022.
Russia is the world’s third-largest crude oil producer and is a major exporter of aluminum, nickel, and palladium. It is feared that curbs on commodity exports from Russia could have devastating effects on the global economy.
Chinese shares fell sharply after Norway’s $1.3 trillion sovereign wealth fund said it would sell off its stake in China’s Li Ning over suspicions of human rights violations in Xinjiang.
The benchmark Shanghai Composite index dropped 37.14 points, or 1.13%, to 3,256.39 while Hong Kong’s Hang Seng index slipped 0.67% to settle at 20,627.71.
In economic releases, overall consumer prices in China were up an annual 0.9% in February, the National Bureau of Statistics said – in line with expectations and unchanged from the January reading.
On a monthly basis, inflation jumped 0.6% – topping forecasts for a gain of 0.3% and up from 0.4% a month earlier.
The bureau also said that producer prices advanced 8.8% year-on-year in February, exceeding expectations for 8.7% and down from 9.1% in the previous month.
Japanese shares gave up early gains to end slightly lower, extending losses for the fourth straight session amid concerns about inflationary risks and a slowdown in the global economy.
The Nikkei average slid 73.42 points, or 0.30%, to 24,717.53, marking a 16-month low. The broader Topix index ended marginally lower at 1,758.89.
Recruit Holdings, Tokyo Electric Power Company and Kikkoman lost 4-7% while automaker Isuzu Motors jumped nearly 8%.
Japan’s gross domestic product expanded an annualized 4.6% year-on-year in the fourth quarter of 2021, the Cabinet Office said in a report. That was well shy of forecasts for a gain of 5.6% following the downwardly revised 2.8% contraction in the previous three months.
Australian markets rose sharply to snap three straight sessions of losses, led by gains in banks and technology stocks. The benchmark S&P/ASX 200 index climbed 72.70 points, or 1.04%, to 7,053.00, marking its best day since February 16.
The broader All Ordinaries index ended up 78.90 points, or 1.09%, at 7,331.80. The big four banks rose 1-2% as Reserve Bank of Australia Governor Philip Lowe said its plausible interest rates could rise in 2022.
In the technology sector, Novonix and WiseTech Global surged 8.3% and 6.4%, respectively.
In economic news, consumer confidence in Australia took a hit in March, the latest survey from Westpac Bank revealed with an index score of 96.6 – down 4.2% from the February reading of 100.8. This is the weakest print since September 2020.
New Zealand shares eked out modest gains amid signs that the peace talks between Russia and Ukraine may be making progress behind the scenes.
The benchmark S&P/NZX 50 index finished up 40.18 points, or 0.34% at 11,785.13, snapping a three-day losing streak.
Pacific Edge gained 2.4% after Harbour Asset Management disclosed it had raised its stake in the healthcare company from 12% to 12.6%.
The total value of manufacturing sales in New Zealand rose a seasonally adjusted 12% sequentially in the fourth quarter of 2021, Statistics New Zealand said earlier today. On a yearly basis, manufacturing sales jumped 16%.
South Korean markets were closed for a presidential election.
US stocks ended lower for the fourth straight session overnight as President Joe Biden officially announced a US ban on Russian imports of oil and energy, a development analysts warned could result in higher inflation and slower economic growth.
Earlier in the day, the European Commission outlined its strategy to reduce Russian gas imports by two-thirds by the end of this year.
The Dow dropped 0.6%, the tech-heavy Nasdaq Composite eased 0.3% and the S&P 500 dipped 0.7%.
GNA