Asian Markets Trade Mostly Lower

CANBERA (dpa-AFX) - Asian stock markets trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, amid rising worries about the economic impact of the ongoing Russian invasion of Ukraine and the various sanctions imposed on Russia by the U.S. and the Western allies. There is also rising prospect of tighter monetary policy by the U.S. Federal Reserve to rein in inflation. Asian markets closed mostly lower on Friday.

The U.S. President Joe Biden called to downgrade Russia's "most favored nation" status as a trading partner. Data showing a bigger than expected drop in U.S. consumer sentiment in the month of March to ten-year lows weighed as well on the market.

Although Russian President Vladimir Putin has reportedly stated that "certain positive shifts" have occurred in the talks between the Kremlin and Ukraine, a ceasefire has not been negotiated. According to reports, Russia has widened its attacks to more Ukrainian cities.

The Australian stock market is significantly higher on Monday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 moving above the 7,100 level, despite the broadly negative cues from Wall Street on Friday, with gains in financial stocks partially offset by weakness in technology and commodity stocks.

Traders continue to monitor the lingering geopolitical situation amid the continued escalation of the Russia-Ukraine crisis and the related sanctions on Russia.