Asian markets mix before OPEC + meeting

0
73


Equities were mixed in Asia on Thursday after a 3.4% gain on Wall Street overnight, as investors chose a positive direction for data on the trajectory of the coronavirus epidemic.
Nikkei 225 Index of Japan
NIK,
-0.03%

lost 0.3% after the central bank governor said the economy was facing “extremely high” uncertainty about the likely impact of the pandemic.

Hong Kong Hang Seng
HSI,
+ 0.76%

added 0.7% and the Shanghai Composite
SHCOMP,
+ 0.45%

gained 0.3%. In Australia, the S & P / ASX 200
XJO,
+ 3.46%

up 1.9% and South Korea Kospi
180721,
+ 1.64%

was 0.9% higher. Shares rose in Singapore
STI,
+ 1.15%

but fell in Taiwan
Y9999,
-0.17%

, Malaysia
FBMKLCI,
+ 0.61%

and Indonesia
JAKIDX,
+ 0.62%

.
But the future for the S&P 500
ES00,
+ 0.46%

and the industrialists of Dow
YM00,
+ 0.67%

slightly higher.

Recent upward market swings have overshadowed the declines as deaths and infections may approach a peak or plateau in some of the most affected regions of the world.
This has led some investors to start looking at the other side of the economic downturn that is hitting the world as authorities try to slow the spread of the coronavirus. The S&P 500 has jumped almost 23% in the past two and a half weeks, building on previous gains driven by massive amounts of aid pledged by governments and central banks for the economy and the markets.
“Risk assets have continued to rally around the perception that the global economy will reopen faster than expected,” said AxiCorp’s Stephen Innes in a comment.
The prospect of progress in talks between oil producers was a big driver of Wednesday’s rally, as well as signs of viral infections stabilizing in several global hotspots and increased clarity in the US presidential race, said Adam Taback, chief investment officer of Wells Fargo Private. Bank.
Oil prices have been even more volatile than stocks recently, with Russia and Saudi Arabia fighting over production levels as demand wanes. Oil producers are expected to meet on Thursday and an announcement of production cuts to support the price of crude is possible.
“The icing on the cake, … a” good “result for oil prices from the OPEC + meeting would be a global agreement to reduce production … beyond OPEC and Russia, although the Concerns about the demand persist, “said Innes.
Reference US crude oil
CLK20,
+ 4.14%

On Thursday, the electronics market rose 70 cents to $ 25.79 a barrel on the New York Mercantile Exchange. It gained $ 1.46, or 6.2%, to settle at $ 25.09 per barrel on Wednesday, recovering some of its 9.4% drop from the previous day.
Brent crude oil
BRNM20,
+ 1.82%

, the international standard, rose 44 cents to $ 33.28 per barrel. It gained 97 cents, or 3%, at $ 32.84 a barrel in London.
Many analysts say they are skeptical about the recent rally in stocks given the uncertainty that remains. The death toll continues to rise, millions of people lose their jobs every week and the economic suffering is global.

LEAVE A REPLY

Please enter your comment!
Please enter your name here