By Gina Lee

Investing.com – Asia Pacific stocks were up on Wednesday morning as geopolitical risks from the Ukraine tension cast a shadow on the markets.

Japan’s market is closed for a holiday.

South Korea’s edged up 0.11%. On Thursday, the Bank of Korea will announce its policy decision.

The Australian dollar rose by 0.3%

Hong Kong’s was up 0.51%.

China’s was up 0.54% while the rose 0.97%. China Huarong Asset Management Co. will purchase property assets from distressed developers in an effort to stabilize the economy. The company also intends to restructure or take over smaller lenders.

that target Russia’s sale of sovereign debt abroad and the country’s elites after Russian President Vladimir Putin ordered Russian troops to “maintain peace” in the two breakaway regions in eastern Ukraine on Monday.

Biden said the U.S. would impose stricter sanctions if Russia “continues its aggression.”

A rally in commodities highlighting economic risks from inflation was also on investors’ radars. Investors are worried that Ukraine’s tension might impact supply of commodities, which could lead to an increase in energy and wheat as well as nickel. Investors assessed how Iran could return barrels in the event of a global nuclear agreement. Oil prices remained steady.

Geopolitical and inflationary risks are putting pressure on the market. In the aftermath of tensions in Ukraine, investors believe that the Fed would raise interest rates.

Data-wise, on Thursday, the U.S. is expected to release data such as new home sales and the GDP.

For the third straight meeting, the Fed raised interest rates and indicated that it intends to increase its rate of interest. This is in an effort to control inflation.