Stocks regroup as investors hold their breath on Ukraine

SINGAPORE : Asian stocks steadied on Wednesday and demand for safe-havens waned a little as investors regarded Russian troop movements near Ukraine and initial Western sanctions as leaving room to avoid a war, while a rate hike lifted New Zealand's dollar.

S&P 500 futures were up 0.4per cent in early Asia trade, after U.S. President Joe Biden left the door open to diplomacy as he announced sanctions on two Russian banks and some elites close to President Vladimir Putin. "For now, one could assess there is a vibe across markets that Russian troops will hold Donbass, but push no further," he added, referring to the parts of eastern Ukraine that Russia has recognised as independent and has sent troops to reinforce.

Brent crude futures were last steady at $96.74 a barrel, having eased off Tuesday's top of $99.50. U.S. crude futures sat at $91.92 a barrel. The New Zealand dollar rose 0.6per cent on the news and is on its longest streak of daily gains in almost two years and bonds in New Zealand and Australia came under pressure. [NZD/]

The yen was last steady at 115.00 per dollar, having hit 114.50 a day ago. The euro hovered around its 50-day moving average at $1.1331.

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