Asian stocks and oil prices are still misleading because of Covid-19

Oil prices and stocks in Asia-Pacific were bleak on October 28 when Covid-19 infection in the US continued to increase.

Japan’s Nikkei 225 and Topix both ended the October 28 session in red. Photo: AFP

Mainland Chinese stocks were still thriving on October 28 when some of the country’s specialized units said they had identified evidence that imported frozen goods were the source of the Covid boom. -19 in TP. Beijing and Qingdao. A few days ago, Reuters reported that Chinese officials reported that the number of asymptomatic Covid-19 infections during the day reached its highest level in nearly seven months, following a mass infection of unknown origin in Xinjiang Autonomous Region. .

The Shanghai Composite Index this afternoon still inched up 0.46% and traded at 3,269.24 points while the Shenzhen Component Index rose 0.893% to 13,388.10 points. In Hong Kong, the Hang Seng Index dipped and fell by 0.3% at the end of the session.

The Korean market today remained in green with the Kospi index closed up 0.62% to 2,345.26 points. Contrary to the region, Japanese stocks were tinged with red with both indices going down. The Nikkei 225 index slipped 0.29% and closed at 23,418.51 points while the Topix index closed the day with 1,612.55 points, down 0.31%.

Australian stocks today flourished after the announcement of the consumer price index (CPI) on the same day. According to the Australian Bureau of Statistics (ABS), the CPI in the third quarter of 2020 of this country increased by 1.6% quarter-on-quarter. Previously, Australia’s second quarter CPI “dropped a record” 1.9%.

By the end of the afternoon, Australia’s S & P / ASX 200 index rose 0.11% to 6,057.70 points, while the Australian dollar inched up and converted 1 AUD / 0.7139 USD, compared to 1 AUD / $ 0.7111 set earlier.

However, in general, the MSCI Asia-Pacific (except Japan) could not escape the red as it still slid slightly by 0.07%.

Oil prices on the Asian market decreased this afternoon. Futures Brent crude fell 2.26% to $ 40.27 / barrel while US crude futures dropped further with 2.88% to $ 38.43 / barrel.

Analysts said that investor sentiment on October 28 continued to be affected by the Covid-19 epidemic when the disease situation in the US worsened. The market remains cautious due to the high rate of hospitalization due to Covid-19 and might need tough anti-epidemic measures, said Tapas Strickland, director of economic research at the Australian National Bank. more to prevent the spread of the virus and ensure hospitals do not become overloaded.

On the currency markets, the US dollar index against other major currencies increased significantly today, from 92.8 established earlier this week to 93,119, while the Japanese yen strengthened and converted 104, 18 JPY / USD, compared with 105 JPY / USD at the beginning of the week.

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