Asian Markets Closed Higher as Investors Worries Eases Over Western Sanctions Against Russia

Asian equites closed higher on Wednesday as inventors priced in little impact of Western sanctions against Russia.

The CSI300, HSI, SET and KOSPI is trading up by 1.07%, 0.60, 0.32% and 0.47% respectively while TOPIX is trading significantly down by 1.55%.  The MSCI Asian Broad Market Index ex Japan inched down by 1.43%.

The Stoxx 600 Europe Index and S&P 500 futures both added about 0.8% while contracts on the Nasdaq 100 gained more than 1%.

U.S President Joe Biden announced targeting sales of Russia’s sovereign debt abroad, its elites and pair of banks. However, the officials warned sanitations could be scaled up if tensions escalates.

President Vladimir Putin has denied Russia intends to invade Ukraine, but lawmakers have given him the green light to deploy troops to separatist-held regions. Top U.S. diplomat Antony Blinken later announced that a summit due this week with Russian Foreign Minister Sergei Lavrov had been canceled.

“The softer-than-feared sanctions somewhat help lifting the mood,” Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in a note, as reported by Bloomberg.

“The risk appetite is limited, of course, except in some key assets including oil and commodities.”

Oil prices eased on Wednesday after topping to seven year highs in the previous session after U.S. and European sanctions on Russia become clear and geopolitical tensions would not disrupt oil supply.

The WTI inched down by 0.84% to $91.14 per barrel while the Brent inched down by 0.62% to $96.24 per barrel.