Asian markets rise despite cloudy outlook on inflation, energy costs

TOKYO — Asian shares rose Wednesday, following a rally on Wall Street led by technology companies, although investors remain concerned about the war in Ukraine and inflation.

Benchmarks were higher across the Asian region, despite worries about rising energy costs. Oil prices rose, while the dollar gained against the Japanese yen. Investors were also closely watching what might happen with President Joe Biden joining a NATO meeting and EU Summit Thursday in Europe, where sanctions and the Russian oil embargo will likely top the agenda.

The rise in bond yields and stocks comes a day after U.S. Federal Reserve Chair Jerome Powell said the central bank was prepared to move more aggressively in raising interest rates in its fight against inflation, if it needs to do so. Powell said the Fed would raise its benchmark short-term interest rate by a half-point at multiple Fed meetings, if necessary.

“This is actually fairly normal, but it doesn’t feel normal because the last few years have been really strong,” said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth.

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