Asian Markets Track Wall St Rally as Traders Weigh Russia Sanctions

Asian Markets Track Wall St Rally as Traders Weigh Russia Sanctions

Equities bounced back Friday from the previous day's rout with investors taking their lead from a rally on Wall Street after Washington decided against imposing the stiffest sanctions on Russia over its invasion of Ukraine.

Russian President Vladimir Putin's decision to send troops into Ukraine sent shockwaves through Asian and European markets and sent oil past $100 for the first time since 2014 as traders contemplated a major conflict in Eastern Europe.

Speculation had been growing for weeks about an incursion, which has stoked fears about supplies of key commodities including wheat, metals and crude, reported AFP.

Investors have also been fretting over the impact of any sanctions Western leaders would impose on Moscow.

Despite a chorus of outrage at Putin's move, the punishments have so far been seen as well short of the most stringent.

While the latest measures from Washington target Russia's two largest banks and see controls on high-tech items aimed at crippling its defense and aerospace sectors, US President Joe Biden has not cut off oil exports.

The news provided a big boost to Wall Street, where all three main indexes surged from deep in the red to end Thursday on a positive note, while crude eased back below $100.

The Nasdaq was