By Gina Lee

Investing.com – Asia Pacific stocks were up on Wednesday morning, with investors digesting the . The stock market is in a downtrend as fears of conflict with Ukraine have subsided, after Russia announced it would pull some troops out.

China’s rose 0.69% by 9:31 PM ET (2:31 AM GMT) while the gained 0.60%. The consumer price index in China grew 0.9% in January, according to data released earlier today. It rose by 9.1% over the previous year.

Hong Kong’s rose 1.34%.

Japan’s jumped 2.04% South Korea’s rose 1.59%. The Australian gained 0.6%

Russia declared Tuesday that it will partly withdraw the thousands of troops located near Ukraine’s border. It appeared to indicate its preference for diplomatic solutions.

In response to this announcement, safe havens were sold off Tuesday. The U.S. Treasury yield rose to its highest point since May 2021 at the 30-year mark. New Zealand bonds and Australian bonds also fell.

The U.S. president Joe Biden stated that Russia has not yet pulled back any of its troops, but that it is possible to invade Ukraine.

Russian troops remain in a “threatening position,” Biden argued, but he agreed with Monday’s Russian declaration that diplomacy is still possible. However, he would not “sacrifice basic principles” that countries, including Ukraine, should have the right to keep their own borders.

Markets already anxious about central bank rate rises and volatility have been made more volatile by the crisis in Ukraine.

“Volatility and uncertainty are just going to be heightened, that can be due to Russia-Ukraine, it could be due to stubborn inflation,” UBS financial advisor Brenda O’Connor Juanas told Bloomberg.

“There is a lot more for clients and investors to be uncertain about.”

The latest Russian comments, however, are encouraging signs and assets such as the ruble or Russian stocks can recover potential, Christopher Weafer, founder of Macro-Advisory Ltd., told Bloomberg.

“But frankly after several months of high risk and speculation, it’s going to take several weeks for people to get comfortable with that, no matter what happens in the next couple of days,” he said.

The, expected later in the morning, is now being viewed by investors. On Thursday, Loretta Mester, President of the Cleveland Fed, and James Bullard, President of St. Louis Fed, will talk. Charles Evans, Christopher Waller and Lael Brainard will also be speaking at U.S. Monetary Policy Forum a few days later.

G-20 finance ministers, central bank governors, and others will be meeting from February 17 to 18.