Equities pared losses and oil prices sank Monday after presidents Joe Biden and Vladimir Putin agreed in principle to hold a summit to try to find a way out of the Ukraine crisis.
Warnings from US officials that Russia could invade its neighbour imminently have sent markets spiralling in the past week and sent crude surging towards $100 a barrel as traders fret over already tight supplies.
Monday's session started on a negative note, with markets suffering hefty falls but the losses were reduced after the US and Russian leaders said they would hold talks on Ukraine, as long as Putin does not invade. "We are also ready to impose swift and severe consequences should Russia instead choose war. And currently, Russia appears to be continuing preparations for a full-scale assault on Ukraine very soon."Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Taipei, Manila and Wellington were in the red, though Sydney and Jakarta edged up slightly.
While expectations are for a Fed rate hike next month, some bank officials at the weekend indicated they were not in favour of a 50 basis point rise, as has been suggested in light of consumer price hikes.
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