Most major Asian markets rose on Thursday following the week’s sharp losses but traders are struggling to get a firm footing in a volatile February, spooked by heavy selling and warnings of more upheaval to come.After a run of almost uninterrupted gains across the globe fuelled by cheap money and optimism about the economy, traders are having to navigate turbulent waters as central banks — led by the Federal Reserve — look to lift borrowing costs.Last Friday’s strong US jobs and wage growth data, coupled with rising yields on key US Treasury bills, brought an end to the record-setting global rally, sending Wall Street spiralling down before slamming world markets this week.Asia took the biggest hit on Tuesday, with Hong Kong and Tokyo among the worst affected but others also felt the pinch.And investors have been unable to steady the ship with a rebound on Wednesday running out of steam.On Thursday there were more swings, though most markets stayed in the green.Tokyo ended 1.1 percent higher while Hong Kong was 0.5 percent up having fallen around eight percent over the previous five sessions. Sydney was 0.2 percent higher while Seoul and Singapore each gained 0.5 percent. Kuala Lumpur and Bangkok also gained.However, Shanghai tumbled 1.4 percent despite data showing Chinese imports smashed expectations and exports were supported by strong global demand.Wellington, Taipei, Manila and Mumbai all fell.While European markets ended sharply higher, on Wall Street all three main indexes sank into the red.‘False sense of security’: “There are a lot of risks ahead and we’ve been lulled into a false sense of security over the last couple of years with central banks keeping rates low for a very long time,” Steve Goldman, Kapstream Capital head and portfolio manager, told Bloomberg TV.“Risk assets are going to continue to perform well albeit with a lot more volatility than what we’ve seen in the past.”Expectations the Fed will hike interest rates more than the three times expected this year have lifted the dollar against high-yielding currencies including the Australian dollar, South Korean won, Indonesian rupiah and South African rand.However, with the European Central Bank tipped to be close to winding in its crisis-era stimulus, the euro has strengthened, while the pound is also being supported by hopes for a positive outcome for Britain’s exit from the EU.The greenback also climbed against the yen, which is considered a safe bet in times of uncertainty, having seen a sharp fall in the morning.Oil prices extended Wednesday’s sharp sell-off on concerns about increasing US production, offsetting an output cap by OPEC and Russia.The dollar’s strength against high-yielding units was also putting a dampener on the oil market as it makes the commodity more expensive for clients using those currencies.“It’s the deluge US production that remains the most significant menace to OPEC production cuts. The bottom line is the US crude production should keep hitting new highs throughout 2018,” said Stephen Innes, head of Asia-Pacific trading at OANDA.The drop in crude prices again hit energy firms, with CNOOC, PetroChina and Sinopec diving in Hong Kong, and Woodside Petroleum sharply lower in Tokyo.Key figuresTokyo – Nikkei 225: UP 1.1 percent at 21,890.86 (close)Hong Kong – Hang Seng: UP 0.5 percent at 30,468.82Shanghai – Composite: DOWN 1.4 percent at 3,262.05 (close)Euro/dollar: UP at $1.2270 from $1.2269 at 2200 GMTPound/dollar: UP at $1.3900 from $1.3881bUP at 109.64 yen from 109.28 yenOil – West Texas Intermediate: DOWN 12 cents at $61.67 per barrelOil – Brent North Sea: DOWN three cents at $65.48New York – DOW: DOWN 0.1 percent at 24,893.35 (close)London – FTSE 100: UP 1.9 percent at 7,279.42 (close). Published in Daily Times, February 9th2018.