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Asian Markets

Asian share markets started the week in a cautious mood on Monday as investors clung to hopes for an eventual peace deal in Ukraine, but the fighting raged on with no sign of stopping.

Japan's Nikkei was shut, but futures traded around 300 points above the cash close. Most share markets rallied last week in anticipation of an eventual peace deal on Ukraine, but it could take actual progress to justify further gains.

SGX Nifty

Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of?119 points. The Nifty futures were trading around 17,401 levels on the Singaporean exchange.

Oil climbs on pressure from Ukraine conflict, tight market

Oil prices jumped $2 on Monday as Ukrainian forces dug in against heavy Russian attacks, while major oil producers reported they are struggling to produce their allotted quotas under a supply agreement.

Brent crude futures climbed $1.96, or 1.8%, to $109.89 a barrel at 0039 GMT, adding to a 1.2% rise last Friday. US West Texas Intermediate (WTI) crude futures rose $2.09, or 2%, to $106.79, extending a 1.7% jump last Friday.

Global economic fallout of Russia-Ukraine war expected to negatively impact Indian economy: IMF

The global economic fallout of the war in Ukraine is expected to negatively impact India's economy, while the immediate impact of the conflict on China is likely to be relatively small, the IMF said on Thursday.

The global economic fallout of the war is expected to negatively impact India's economy through a number of channels, which differ from those impacting the Indian economy during COVID-19, Gerry Rice, International Monetary Fund's Director of the Communications Department, told reporters here. Rice said the sharp rise in global oil prices represents an important trade shock with macro-economic implications.

It will lead to higher inflation and current account deficit, he said as Russia launched a "special military operation" against Ukraine on February 24. But the impact on the current account could potentially be partially offset by favourable movements in prices of commodities that India exports, for example, wheat, he said.