Canberra, Mar. 1, (dpa/GNA) – Asian stocks fell broadly on Wednesday as nervous investors shifted money into bonds amid renewed concerns about Russia’s escalating war on Ukraine.
It is feared that the Ukraine tensions may push up the commodity prices and peg the global economic recovery.
Meanwhile, in his first state of the union address, US President Joe Biden said that Russian President Vladimir Putin “badly miscalculated” with his invasion of Ukraine.
Chinese shares ended a tad lower, with new-energy vehicle makers leading losses. The benchmark Shanghai Composite index dipped 4.64 points, or 0.13%, to 3,484.19 while Hong Kong’s Hang Seng index fell as much as 1.84% to close at 22,343.92.
Japanese shares tumbled, with electrical machinery and transport stocks leading losses amid increasing risks of a global recession. The Nikkei average fell 451.69 points, or 1.68%, to 26,393.03 while the broader Topix index closed 1.96% lower at 1,859.94.
Commodity-related stocks bucked the weak trend, with DOWA Holdings, Inpex and Pacific Metals climbing 6-13%.
Australian markets ended a choppy session slightly higher, led by gains in commodity-related stocks. The benchmark S&P/ASX 200 rose 20.20 points, or 0.28%, to 7,116.70 while the broader All Ordinaries index ended up 21 points, or 0.28%, at 7,406.30.
Whitehaven Coal, Santos and Woodside Petroleum all jumped around 6% as Brent prices climbed above $110 a barrel. Miners BHP, Rio Tinto and Fortescue Metals Group surged 4-5% following a rise in iron ore prices. Core Lithium soared 15.2% after announcing a supply deal with Tesla.
Australia’s GDP grew 3.4% in the three months to December, data from the Australian Bureau of Statistics showed earlier in the day. Economists had forecast a 3.5% rise.
Seoul stocks ended up for the third straight session despite continued military tensions in Ukraine and the release of mixed economic readings.
The Kospi average inched up 4.34 points, or 0.16%, to close 2,703.52 after choppy trading. Chipmaker SK Hynix gained 1.2% while top carmaker Hyundai Motor declined 2.6%.
New Zealand shares fell sharply as nervous investors around the world sought the relative safety of bonds amid concerns that the Russia-Ukraine crisis may become protracted.
The benchmark S&P/NZX 50 index dropped 109.17 points, or 0.89%, to finish at 12,088.75. Fletcher Building, Auckland International Airport and dual-listed banks such as ANZ and Westpac all fell around 3%.
US stocks fell sharply overnight and bonds rallied, as Russian forces stepped up attacks on Ukraine and oil topped $105 a barrel, adding to concerns surrounding inflation and growth.
The Dow lost 1.8%, while the S&P 500 and the tech-heavy Nasdaq Composite both shed around 1.6%.
GNA