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Asian Shares Firmer as Ukraine Market Panic Takes a Breather

INTERNATIONAL:  Asian stocks regained some composure on Tuesday (March 1) as the massive selling that rocked financial markets after Russia's invasion of Ukraine last week paused for breath, while surging crude prices supported oil exporters in the region.

Japanese shares rose on Tuesday, as sentiment was supported by sustained optimism about ceasefire talks between Russia and Ukraine, prompting investors to scoop up beaten-down stocks. The Nikkei share average rose 1.2% to 26,844.72, after crossing the 27,000 level for the first time since Feb. 18.

China stocks closed higher on Tuesday after data showed factory activity unexpectedly expanded in February as new orders rose, with investors expecting more easing measures to be announced in a congress meeting later this week.

The Shanghai Composite Index gained 0.77% to 3,488.83, while Hong Kong's benchmark Hang Seng Index closed trading at 22,761.71, up 48.69 or 0.21%.

Global stock markets have tumbled in recent days following Russia's invasion of Ukraine and Western sanctions, which include cutting off some of Russia's banks from the SWIFT financial network and limiting Moscow's ability to deploy its $630 billion foreign reserves.

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