A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Wednesday, March 2, 2022. Asian stock markets slid Wednesday and oil prices surged more than $5 per barrel as Russian forces stepped up attacks on Ukrainian cities. – Asian stock markets slid Wednesday and oil prices surged more than $5 per barrel as Russian forces stepped up attacks on Ukrainian cities.
Investors await more clues about possible rate hikes when Fed Chair Jerome Powell speaks Wednesday before Congress. “Markets dismissed the notion that 60 million barrels of strategic reserves released will be consequential to the risks of Russian supply jeopardized,” said Tan of Mizuho. “Russia pumps more than that in just six days.”
The Nikkei 225 in Tokyo lost 1.7% to 26,378.25 and the Shanghai Composite Index shed 0.5% to 3,468.56. The Hang Seng in Hong Kong sank 1.1% to 22,500.09 and the Kospi in Seoul was off less than 0.1% at 2,697.85.Sydney's S&P-ASX 200 added 0.3% to 7,114.80 after government data showed Australia's economy grew by 3.4% in the final three months of 2021 over the previous quarter and consumer spending was strong.
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