Asian shares surge as Russia-Ukraine talks buoy sentiment

Asian shares surge as Russia-Ukraine talks buoy sentiment

Oil prices also regained some footing, having fallen more than 12% on the previous session as United Arab Emirates pledged to support hiking oil output to ease mayhem in energy markets.







Reuters









March 10, 2022 / 08:09 AM IST





Asian shares surged on Thursday, tracking Wall Street's gains as planned diplomatic talks between Russia and Ukraine buoyed sentiment, although analysts warned the rally could be susceptible to a sharp reversal as risks remain.

Oil prices also regained some footing, having fallen more than 12% on the previous session as United Arab Emirates pledged to support hiking oil output to ease mayhem in energy markets.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.6% in early trade. Japan's Nikkei surged 3.4% while Australian shares were up 1%.

Chinese blue chips rose 1.96% while Hong Kong's Hang Seng index rallied 1.8%.

"Comments out of Russia and Ukraine are leading to some hope that compromise is possible," said Ray Attrill, Head of FX Strategy at National Australia Bank in a note on Thursday.

Russia's foreign minister Sergei Lavrov arrived in Turkey ahead of planned talks on Thursday with his Ukrainian counterpart Dmytro Kuleba for what will be