Asian shares soft as Ukraine dampens risk sentiment

Asian shares struggled to find a solid footing on Thursday as escalating tensions in Ukraine sent investors scurrying to the safety of the dollar and U.S. Treasuries. Wall Street's failure to extend its rally above historical highs on Wednesday did not help soothe the anxiety that a wider conflagration in Ukraine could lead to more risk aversion and damage vulnerable emerging markets. Russian President Vladimir Putin ordered drills by his armed forces to test combat readiness in western Russia, near the border with Ukraine, prompting Washington to warn a military intervention would be a "grave mistake. The Ukrainian hryvnia hit record lows on Wednesday after Ukraine's central bank said it was abandoning a managed exchange rate policy.

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