Asian shares mostly higher despite fears of recession

Shares were mostly higher in Asia on Tuesday despite growing worries over the risks of recession as prices push sharply higher while economies are still recovering from the impact of the pandemic.

Most major markets advanced though Hong Kong declined, weighed down by worries over Chinese property developers and regulatory crackdowns on technology companies.

Rising prices for energy and food are adding to the concerns over how central banks will bring inflation under control without hindering a revival of business activity following the doldrums brought on by efforts to vanquish coronavirus outbreaks.

The conflict in Ukraine, which has added to those price pressures, showed no signs of easing as Russia launched a long-feared, broad ground offensive Monday, seeking to take control of Ukraine’s east.