Asian markets edge up, oil extends gains with focus on Ukraine

Asian equities mostly edged up Wednesday as three days of painful losses gave way to a semblance of stability. But analysts warned of further volatility as Russia showed no sign of letting up on its invasion of Ukraine. Safe-haven gold is closing in on a record high as investors rush for a hedge against soaring inflation. The crisis has fuelled fears that the fragile global recovery from Covid-19 will be replaced by a period of stagflation, in which inflation surges and economies flatline or contract. Analysts warn that further volatility is likely as Russia continues to invade Ukraine. Russia is the world’s third-biggest oil producer, with Ukraine President Volodymyr Zelensky said he was no longer pressing for NATO membership. The announcement also shot a. . . .