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Asian Markets Improve Due To Sanctions on Russia

Stocks in Asia rebounded as Washington decided not to exert harshest sanctions on Russia.The U.S. sanctions are aimed at two largest banks in Russia and controlling the country’s defense sector.

Russia’s decision to dispatch military forces to Ukraine shocked Asian and European markets. Oil prices past $100, the first time since 2014, and traders in Eastern Europe faced a serious challenge. Oil saw a growth; Brent over $100 per barrel while analysts cautioned that the crisis might cause a rise in prices for several months.

Worries exist over supplying essential goods like wheat, metal, and crude oil.

The gains in Tokyo rose 2% and Mumbai at a growth of 2.4%; in the meantime, Jakarta, Bangkok, Seoul and Wellington were up 1%. The benchmark Nikkei 225 index increased 1.95% and Topix index rose 1.00%.

Sydney, Singapore, Shanghai and Taipei saw gains. The Shanghai Composite Index surged 0.63% and the Shenzhen Composite Index on China’s second exchange gained 1.21%.

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By Saha on February 27, 2022

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