BEIJING (TIP)- Asian shares were volatile on Thursday, March 23, and oil prices turned lower as the latest developments in the Ukraine war and more hawkish comments from U.S. Federal Reserve officials left investors uneasy. MSCI’s broadest index of Asia-Pacific shares outside Japan recouped some of its earlier losses to be off 0.34%, on the day, with Chinese stocks leading the declines.
Hong Kong’s Hang Seng Index fell 0.3% while the mainland’s blue-chip index slid 0.6%.
Japan’s Nikkei, however, reversed losses to gain 0.25% and end the session at a nine-week high, buoyed by a retreat in crude oil and buying into the end of Japan’s fiscal year this month.
“It is still a relatively volatile market, (which) suggests that these ripping moves in stocks ought to be treated with caution,” said Kyle Rodda, an analyst at IG markets.
European markets are set for a stronger open, as indicated by early futures trading. The pan-region Euro Stoxx 50 futures were up 0.29%, German DAX futures rose 0.25% and FTSE futures were up 0.2%.
E-mini futures for the S&P 500 rose 0.4%.
Driving some of the volatility, Federal Reserve policymakers on Wednesday signaled they stood ready to take more aggressive action to bring down runaway inflation, including a possible half-percentage-point interest rate hike at the next policy meeting in May. Source: Reuters