Asia-Pacific markets gain as investors weigh Russia-Ukraine conflict

SINGAPORE — Asia-Pacific markets rose on Tuesday as investors navigated the changing situation in Russia and Ukraine.

Japan's Nikkei 225 gained 1.36%, while the Topix advanced 0.92%.

The S&P/ASX 200 in Australia was up 1.24%. The Reserve Bank of Australia is set to meet on Tuesday, but is only expected to raise rates in the third quarter, according to a Reuters poll.

Elsewhere, South Korea markets are closed for a holiday on Tuesday.

On the earnings front, Chinese tech giant Baidu is expected to announce its fourth-quarter results late in Asia.

China's official manufacturing Purchasing Managers' Index (PMI) and Caixin/Markit Manufacturing PMI will also be released Tuesday.

U.S. stocks were volatile overnight, and the three major indexes posted sharp monthly losses as investors assess the uncertainty in Russia and Ukraine, and the related sanctions.

The two countries held their first round of talks on Monday, and the Associated Press reported that more negotiations could happen soon.

The U.S. and its allies have announced heavy sanctions on Moscow following Russia's invasion of Ukraine last week.

Canada became the first Western nation to specifically target Russian energy when it said it will ban Russian crude oil imports. The White House said it has not ruled out restrictions on U.S. purchases of oil and gas, but has not sanctioned the industry so far.

Russia's central bank on Monday more than doubled its key interest rate as the ruble plunged.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 96.707.

The Japanese yen traded at 115.05, weakening from 114.99, while the Australian dollar changed hands at $0.7260.

U.S. West Texas Intermediate crude futures rose 0.36% to $96.06 per barrel in Asia trade.

Spot gold, traditionally a safe haven in times of uncertainty, last traded at $1,906.84.