Asian shares rise, eyeing Ukraine, inflation, energy costs

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares are mostly higher as investors eye the war in Ukraine, inflationary risks and surging energy prices. Benchmarks rose in morning trading in Japan, South Korea, Australia and Hong Kong, but edged lower in Shanghai. The Russian war on Ukraine and Western sanctions on Russia are adding to worries over energy supplies for Europe, surging prices and progress toward economic recoveries from the pandemic. Shares ended modestly lower on Wall Street after bouncing around for much of the day. Bond yields rose sharply after Federal Reserve Chair Jerome Powell said the central bank was prepared to move more aggressively if need be to contain inflation. The yield on the 10-year Treasury jumped to 2.30% from 2.14% late Friday.