London and Frankfurt opened higher. Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday.Global stocks sank Tuesday after Washington, Britain and the 27-nation European Union imposed sanctions on Russian banks, officials and business leaders.
In early trading, the FTSE 100 in London rose 0.4% to 7,523.96 and Frankfurt's DAX gained 0.7% to 14,798.01. The CAC in Paris added 0.9% to 6,845.85. On Tuesday, the S&P 500 lost 1%. That put it 10.3% below its Jan. 3 all-time high and into a correction, or a decline of at least 10% but less than 20%.In Asia, the Shanghai Composite Index rose 0.9% to 3,489.15 and the Hang Seng in Hong Kong gained 0.6% to 23,660.28.New Zealand rose after the central bank raised its benchmark interest rate by one-quarter point to 1% to cool inflation. The Reserve Bank of New Zealand said its benchmark rate would be raised to more than 3% by next year.
Wheat prices rose on concern about supplies from Russia and Ukraine being disrupted. Prices of nickel and aluminum, for which Russia is a major supplier, also rose.
Be patient. More pain is coming.
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