Asian shares mostly higher as Ukraine fears recede

Asian markets mostly rose on Wednesday, following a global rally on easing Ukraine fears after Russian President Vladimir Putin played down the prospects of a war by saying there was no need to send troops into the country. His comments fuelled a second day of buying, which sent the S&P 500 on Wall Street to a new record high, while the dollar edged up against the yen as investors became more confident in higher-risk assets. Australian shares were also given a boost by better-than-expected growth data, but Shanghai edged lower as China’s leaders moved to temper expectations for the world’s number two economy this year with a tepid forecast for expansion. Tokyo jumped 1.50 percent by the break, Hong Kong added 0.80 percent and Seoul was 1.09 percent higher. Sydney rallied 0.62 percent and Shanghai was up 0.10 percent. Investors breathed a sigh of relief after Putin said Tuesday that while he reserved the right to send troops into Ukraine, "so far there is no such necessity", and that such a move would only be a last resort. Global markets tumbled on Monday after lawmakers voted to allow Putin to send troops into Crimea, a mainly Russian-speaking peninsula in the southeast of Ukraine, following the ouster of the country's pro-Moscow government. On Wall Street the S&P 500 advanced 1.53 percent to a new record, the Dow surged 1.41 percent and the Nasdaq gained 1.75 percent. "We’re not sure how one says ‘phew’ in Russian, yet that is a collective exclamation at this juncture," said Briefing.com analyst Patrick O’Hare, according to AFP.