BEIJING (AP) — Asian stock markets declined Monday after Wall Street’s biggest weekly gain in 16 months as investors watched efforts to negotiate an end to Russia’s war on Ukraine.
Oil prices gained more than $3 per barrel.
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 markets 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.
“It appears that there is a 50-50 chance of continuing with the pick-up in market sentiments,” said Tan Boon Heng of Mizuho Bank in a report.
The Shanghai Composite Index lost less than 0.1% to 3,248.87 and the Hang Seng in Hong Kong…
