Asian shares rallied on Wednesday as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base from exercises, delivering investors a measure of relief.

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The tension between world powers over the Ukraine situation, which has developed into one of the most profound crises in East-West relations for decades, has been front-and-centre of investors’ minds.

MSCI’s broadest index of Asia-Pacific shares outside Japan surged 0.9% in early regional trade on Wednesday, playing catch-up with a rally in US and European stocks.