Asian stocks eked out gains on Monday after seeing Wall Street recover from the latest round of tensions in the Ukrainian crisis, although renewed uncertainty over the volatile conflict put a firm lid on markets.
The U.S. dollar was on the back foot against the safe-haven yen, weighed by a slide in Treasury yields. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent. Tokyo’s Nikkei gained 0.1 percent.
News late on Friday that Ukrainian forces said they had destroyed a Russian military column in Ukrainian territory initially hit Wall Street, drove down government bond yields and boosted safe-haven currencies such as the yen and Swiss franc. U.S. stocks eventually pared their losses as risk appetite partially returned, giving Asian shares an early lift on Monday.
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