Asian shares fall after Wall St gain as markets eye Ukraine
By JOE McDONALD
AP Business Writer
BEIJING (AP) — Asian stock markets are lower after Wall Street’s biggest weekly gain in 16 months as investors watch efforts to negotiate an end to Russia’s war on Ukraine. Oil prices rose 3%. Shanghai, Hong Kong, Seoul and Sydney retreated. Japanese markets were closed for a holiday. Wall Street’s S&P 500 index rose 1.2% on Friday after investors appeared to welcome the Federal Reserve’s attempt to fight surging inflation by raising its key interest rate. Investors watched efforts to mediate a settlement to Russia’s attack, which has pushed up oil prices and added to uncertainty about the global economic outlook.