Shares in Japan look set for opening gains as investors watch Russia-Ukraine situation

SINGAPORE — Shares in Japan looked set for a higher start on Wednesday as investors watch for developments surrounding the war in Ukraine.

The Nikkei futures contract in Chicago was at 28,325 while its counterpart in Osaka was at 28,280. That compared against the Nikkei 225's last close at 28,252.42.

In Australia, the S&P/ASX 200 climbed 0.54% in morning trade.

Hong Kong-listed shares of embattled developer Evergrande's electric vehicle unit are set to resume trading on Wednesday, the company announced Tuesday. Meanwhile, Hong-Kong listed shares of China Evergrande Group will "remain suspended until further notice," according to a Tuesday announcement by the firm.

In Russia-Ukraine developments, the Russian military has begun moving some of its troops in Ukraine away from areas around Kyiv to positions elsewhere in Ukraine, though Pentagon Press Secretary John Kirby warned the troop movements do not amount to a retreat.

U.S. Treasury yields will also continue to be monitored by investors on Wednesday. The yield on the benchmark 10-year Treasury note last sat at 2.398% while the yield on the 30-year Treasury bond was at 2.5027%. The 5-year Treasury note yield was at 2.5017% while the 2-year Treasury note's yield sat at 2.3727%. Yields move inversely to prices.

Earlier this week, the 5-year and 30-year rates inverted for the first time since 2006. An inversion of the yield curve has happened previously ahead of recessions, with the purchase of more long-dated Treasurys seen as a sign of investor concern over the economy's health.

Overnight on Wall Street, the S&P 500 gained about 1.23% to 4,631.60. The Dow Jones Industrial Average climbed 338.30 points, or 0.97%, to 35,294.19 while the tech-heavy Nasdaq Composite jumped 1.84% to 14,619.64.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.404 after a recent drop from above 98.8.

The Japanese yen traded at 122.98 per dollar, stronger than levels above 124 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7515, still higher than levels below $0.74 seen last week.