Asian stock markets rose Thursday after a recovery on Wall Street, but traders remained careful approximately the continuing impact of skyrocketing inflation and the battle in Ukraine.

Prices were already hovering in most important economies when Russia’s invasion of Ukraine sent shockwaves via the global power, meals and commodity markets.

Despite lingering worries approximately the US Federal Reserve’s next movements to contain prices, Wall Street loved a buoyant session — especially the tech-rich Nasdaq, which surged 2.Zero percentage.

Asia was in a similar mood Thursday as Tokyo closed 1.2 percent higher. Hong Kong and Shanghai were also in positive territory.

Sydney rose 0.6 percent as Australia posted its lowest unemployment rate — a smidge under four percent — in 48 years.

Seoul was flat, meanwhile, as South Korea’s central bank raised its key interest rate to the highest level since August 2019 to tame rising inflation.

Analysts had warned overnight that the uncertainty was far from over.

“With a thicker fog of war starting to roll in and engulf the global markets again, it is another worrying setup amid the widespread bearish sentiment out there,” Stephen Innes of SPI Asset Management said in a note.

Data this week from the United States — the world’s biggest economy — and Britain showed inflation at levels not seen in decades.

The grim outlook was reflected in the latest earnings report from JP Morgan Chase, the largest American bank by assets.

“There’s this very strong underlying economy,” its chief executive Jamie Dimon said.

But he pointed to “countervailing forces”, including rising interest rates, inflation and the war in Ukraine.

“And those things are going to collide at one point, probably sometime next year,” he said in a conference call with reporters.

“I’m not predicting a recession… But is it possible? Absolutely.”

Analysts stated, but, that markets had welcomed a demonstration that US inflation may be approaching its height.

Eyes also are at the European Central Bank as its coverage makers meet Thursday, with the outlook for the eurozone economic system nevertheless murky.

Both important oil contracts stayed above the $100 in line with barrel mark, with fears swirling approximately global deliver constraints over the invasion of Ukraine by way of Russia — a first-rate manufacturer of oil and fuel.

“The oil complex is heavily fixated on the short-term,” Vandana Hari of Singapore-based Vanda Insights told Bloomberg News.

“The prospect of an EU ban on Russian oil will keep the market on edge as long as Ukraine festers.”

Tokyo – Nikkei 225: UP 1.2 percent at 27,172.00 (close)

Hong Kong – Hang Seng: UP 0.9 percent at 21,555.85

Shanghai – Composite: UP 1.5 percent at 3,233.78

Euro/dollar: UP at 1.0915 from $1.0894 at 2100 GMT

Pound/dollar: UP at $1.3138 from $1.3109

Euro/pound: UP at 83.08 pence from 83.03 pence

Dollar/yen: DOWN at 125.41 from 125.59

Oil – Brent: DOWN 0.6 percent at 108.17 per barrel

Oil – WTI: DOWN 1.0 percent at 103.21 per barrel

New York – Dow: UP 1.0 percent at 34,564.59 (close)

London – FTSE 100: UP 0.1 percent at 7,580.80 (close)

— Bloomberg News contributed to this story —

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