SINGAPORE — Shares in Asia-Pacific edged higher in Wednesday morning trade, recovering partially from losses earlier in the week as investors continue to assess the potential economic ramifications of the ongoing war in Ukraine.
In Japan, the Nikkei 225 gained 0.47% in early trade while the Topix index advanced 0.43%.
The S&P/ASX 200 in Australia climbed 0.31% in morning trade.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.19% higher.
Markets in South Korea are closed on Wednesday due to the country’s presidential election.
Investors in the region are set to continue monitoring oil prices on Wednesday.
Oil prices jumped to their session highs on Tuesday after President Joe Biden said the U.S. will ban imports of Russian oil, a further escalation in the international response to Moscow’s invasion of Ukraine. The United Kingdom also announced its own plans to phase out its reliance on Russian oil imports by the end of the year.
Overnight stateside, the Dow Jones Industrial Average shed 184.74 points, or 0.56%, to 32,632.64. The S&P 500 declined 0.72% to 4,170.70 while the Nasdaq Composite dipped 0.28% to 12,795.55.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 99.062 — having traded in a range between 98.7 and 99.4 so far this week.
The Japanese yen traded at 115.74 per dollar, weaker than levels below 115.2 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7268, having declined from above $0.738 earlier this week.