Stock Market Live: Asian Shares Mixed; Ukraine crisis, focus on Fed’s strictness

SGX Nifty futures trading higher

Nifty futures on the Singapore Exchange were up 48 points at 17,365 in early deals, indicating a positive start for the Indian indices.

Asian shares mixed; Ukraine crisis, focus on Fed’s strictness

US equity futures fell and Asian stocks were mixed on Thursday as traders weighed in on geopolitical concerns and raised the possibility of a Federal Reserve interest rate hike.

Shares slid in Japan, jumped in South Korea and fluctuated in Hong Kong, where reports suggest officials are preparing for mass testing to fight Covid. US contracts fell on Wednesday after a modest gain in the S&P 500.

Traders were digesting the US’ rejection of Russia’s claims of withdrawing troops from the Ukrainian border. The Kremlin has repeatedly denied any plans to invade.

The latest Fed minutes showed that officials concluded they would start raising rates too soon and were on alert for persistent inflation that would justify rapid tightening. There were some new details on the balance sheet runoff plans.

Investors expect the Fed to tighten at least 150 basis points in 2022 — up from 75 basis points a few weeks ago — to battle price pressure.

Japan’s Topix index fell 0.6%, Australia’s S&P/ASX 200 index fell 0.6%, South Korea’s Kospi fell 1.2%, Hong Kong’s Hang Seng 0.2% and China’s Shanghai Composite 0.1%.