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 1.2% to close at 26,844.72, while the Topix advanced 0.54% to 1,897.17.

In China, the Shanghai composite rose 0.77% to 3,488.84, and the Shenzhen component climbed 0.25% to 13,488.64. Hong Kong's Hang Seng index was up 0.38% in afternoon trade.

China's official manufacturing Purchasing Managers' Index for February was 50.2, beating analyst expectations of a reading of 49.9 in a Reuters poll. The February figure is slightly higher than January's 50.1.

A reading above 50 represents expansion, and a figure below that level signifies contraction. PMI readings are sequential and represent month-on-month expansion or contraction.

The private PMI survey also showed growth in China's factory activity.

Australia's S&P/ASX 200 was up 0.67%. The Reserve Bank of Australia kept rates on hold at 0.1% at its meeting, in line with expectations from a Reuters poll. It said the war in Ukraine is a "major new source of uncertainty," and that it is monitoring how various factors affect inflation in Australia.

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

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.68%.

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