Oil prices, Asian shares gain after tech rally on Wall St
ABC News
Shares have edged higher in Asia and oil prices are also higher after a tech-driven rally on Wall Street
Shares edged higher in Asia and oil prices also advanced after a tech-driven rally on Wall Street. Trading was light with many regional markets including those in China closed for holidays.
Tokyo's Nikkei 225 index gained 0.2% to 27,787.98 and the Kospi in Seoul eked out a 0.1% gain, to 2,759.20. The S&P/ASX 200 gained 0.2% to 7,527.90. India's Sensex slipped 0.1%.
Russia’s invasion of Ukraine has elevated concerns about rising inflation and the impact on global economic growth. Prices for everything from food to clothing were already rising and the war has added to volatility for energy prices.
The World Bank has downgraded its 2022 growth forecast for the Asia-Pacific region to 5% from 5.4%, in part due to disruptions to supplies of commodities, financial strains and higher prices. That follows a rebound to 7.2% growth in 2021 after many economies experienced downturns with the onset of the pandemic.
