Stock market today: Asian shares rise despite banking fears

Asian shares have mostly advanced despite lingering worries about the U.S. banking sector and inflationary pressures. Benchmarks rose in afternoon trading in Tokyo, Seoul, Hong Kong and Shanghai but fell in Sydney. Geopolitical tensions are adding to the overall pessimism. Wall Street fell although a rally for Microsoft and other Big Tech stocks helped limit the losses. The S&P 500 fell 0.4% Wednesday after erasing an earlier gain. The spotlight on banks has been harshest on First Republic Bank, which lost almost 30% after nearly halving the day before. Lending are contending with much higher interest rates, which have flown higher over the past year to tighten the screws on the economy and financial markets.