By Gina Lee

Investing.com – Asia Pacific stocks were mostly down on Monday morning alongside U.S. equity futures. Investors sought safe-haven assets like bonds and gold as they became increasingly concerned about the Ukraine situation.

Japan’s fell 0.63% by 9:46 PM ET (2:46 AM GMT). The   (PMI) was 52.9 in February, and it also released its .

South Korea’s was down 0.36% and in Australia, the edged up 0.11%.

Hong Kong’s fell 0.67%.

China’s was down 0.36% while the inched up 0.01%. Investors anticipate new restrictions for the private sector, as well as default warnings for developers.

Contracts in the U.S. were lower by around 1%, and markets will be closed Monday due to a holiday. Despite the fact that Cash Treasuries won’t trade due to U.S. holidays, U.S. Treasury Futures rose along with Australian and New Zealand bonds.

As the threat of Russian invading Ukraine continues to loom over Eastern Europe there are concerns about energy supplies, grains, and other metals in case of an armed conflict. Additionally, the U.S. warns that Russia may be targeting other cities than Kyiv as well. Russia has not yet confirmed that an invasion is being planned.

Sergei Lavrov (Russian Foreign Minister) will be meeting Antony Blinken, U.S. secretary of state later this week in Europe. U.S. President Joe Biden and his Russian counterpart Vladimir Putin have also reportedly agreed “in principle” to a summit.

The tensions, alongside worries that the U.S. Federal Reserve’s tighter monetary policy could impact economic growth, also contributed to market volatility.

“Global data and central banks’ stance on tightening are all taking a backseat to Ukraine, with markets nervously awaiting the next headline,” Royal Bank of Canada head of Australian economic and fixed-income strategy Su-Lin Ong told Reuters.

“Thinner liquidity because of the U.S. holiday adds to the anxiety.”

Fed Governor Michelle Bowman speaks later in day. Raphael Bostic and Loretta Mester will talk on Thursday.

Meanwhile, the People’s Bank of China’s loan prime rates are due later in the day. Tuesday will see the Reserve Bank of New Zealand announce their policy decision. Andrew Bailey from the Bank of England, who is scheduled to appear before the Treasury Committee on the same day. On Thursday, the Bank of Korea will announce its policy decision.

The U.S. data is due Tuesday. U.S. data and U.S. are due Thursday. Then, and (PCE Deflator) one day later.