BEIJING — Asian stock markets followed Wall Street higher on Wednesday as talks on ending Russia’s war on Ukraine appeared to make progress.Shanghai, Hong Kong and Sydney advanced, while Tokyo declined. Oil prices advanced less than $1 per barrel.
Shanghai, Hong Kong and Sydney advanced, while Tokyo declined. Oil prices advanced less than $1 per barrel. The Shanghai Composite Index SHCOMP rose 1.4% to 3,249.18, rebounding from the previous day’s loss after Shanghai, China’s most populous city, closed most businesses to fight coronavirus outbreaks.
Sydney’s S&P-ASX 200 XJO advanced 0.5% to 7,506.40. New Zealand and Southeast Asian markets also rose. The Russian deputy defense minister, Alexander Fomin, said Moscow would “cut back military activity” near Kyiv and Chernihiv but gave no details. President Joe Biden said he wasn’t convinced that would lead to a fundamental shift in the war.