Asian shares mostly higher after tepid gains on Wall Street

Asian shares are mostly higher as investors eye the war in Ukraine and what the world’s central banks might do to keep inflation in check

TOKYO -- Asian shares reversed course to finish mostly higher Friday as investors eyed the war in Ukraine and what the world's central banks might do to keep inflation in check.

Benchmarks fell in morning trading but rose later in the afternoon in Tokyo, Seoul and Sydney. In China, shares fell in Hong Kong but rose in Shanghai.

Investors have been weighing the latest updates from the U.S. Federal Reserve amid concerns about rising inflation. The Fed has signaled it is prepared to keep raising interest rates and reducing its stockpile of bonds and mortgage-backed securities in order to rein in the highest inflation in 40 years.

“Global appetite for risk in the short-term is still uncertain, with hawkish central banks weighing on sentiment. The situation between Ukraine and Russia continues to be a headwind, with markets now only looking for a major breakthrough to adjust current pricing,” Anderson Alves at ActivTrades said in a commentary.