Asian shares rise on easing of Ukraine tensions, cheaper oil

Asian shares are higher, buoyed by hopes for a diplomatic solution instead of a Russian invasion of Ukraine

TOKYO -- Asian shares rose Wednesday, buoyed by hopes for a diplomatic solution instead of a Russian invasion of Ukraine.

But analysts warned the tensions were far from completely resolved, and the situation remains volatile.

“In short, provided we get a further pause in geopolitics, we might be able to focus on worrying data instead. But I would tread carefully on the assumption that we will be able to for long,” RaboResearch said in a report.

Japan's benchmark Nikkei 225 jumped 2.2% in afternoon trading to 27,457.55. Australia's S&P/ASX 200 rose 1.1% to 7,284.90. South Korea's Kospi surged 1.9% to 2,727.39. Hong Kong's Hang Seng added 1.2% to 24,635.41, while the Shanghai Composite gained 0.6% to 3,466.14.