The Russian war on Ukraine and Western sanctions on Russia are adding to worries over disruptions to energy supplies for Europe and surging prices that might hinder progress toward economic recoveries from the pandemic.
Japan's benchmark Nikkei 225 surged 1.4% to 27,202.05. Australia's S&P/ASX 200 gained 0.9% to 7,341.10. South Korea's Kospi edged 0.8% higher to 2,708.63. Hong Kong's Hang Seng rose 1.8% to 21,606.53, while the Shanghai Composite recouped earlier losses to be up 0.3% at 3,263.83. Smaller company stocks fared worse than the broader market. The Russell 2000 index lost 1% to 2,065.94.
Before Russia's invasion of Ukraine added a new wave of global economic uncertainty to the mix, some Fed officials had said the central bank would do better to begin raising rates by a half-point in March.