Covid-19 in India splashed on Asian stocks, oil prices

The “raging wave” of Covid-19 in India hit the Asian oil and stock markets

The Covid-19 translation was bad in India, causing Asian stock and oil traders to falter on the first trading day of the week, April 26.

The Covid-19 “raging wave” in India hit Asian stocks, oil prices. Documentary photo: AFP

Japan’s Nikkei 225 index closed 0.36% higher today to 29,126.23 points while the Topix index edged up 0.17% and ended the day at 1,918.15 points. On the Korean market, the Kospi index rose higher with 0.99% to 3,217.53 points.

Mainland Chinese stocks this afternoon closed in the red, with the Shanghai Composite Index losing 0.95% to 3,441.17 points and the Shenzhen Component index slipping 0.888% to 14,224.45 points. The Hong Kong market is also in red with the Hang Seng Index slipping 0.4% as of the end of the day trading hours.

In Australia, the S & P / ASX 200 index closed 0.21% lower to 7,045.60 points. Overall, the MSCI Asia-Pacific (excluding Japan) still edged up 0.48%.

In the midst of the Covid-19 “raging wave” that rocked the Indian market, the Nifty 50 index, after many struggling sessions, this afternoon gained about 1.2%, while the BSE Sensex index rose 1.26%.

The Covid situation in India remains complicated as this 1.3 billion population continues to experience a staggering increase in the number of cases per day, with more than 350,000 new infections on April 26.

The administration of US President Joe Biden recently said it will provide emergency assistance to the raw materials needed for India to produce Covid-19 vaccine. This US response came after Britain, France, and Germany jointly pledged to aid India against the epidemic over the weekend.

Oil traded on Asian hours this afternoon slipped. Futures Brent crude oil futures slid 1.09% to $ 65.39 / barrel while US crude futures dropped 1.11% to $ 61.45 / barrel.

On the money market, the US dollar index against other major currencies fell to 90,819, from 91.2 previously recorded. Japanese Yen depreciated and exchanged 107.75 JPY for 1 USD, from 107.5 JPY / USD at the end of last week, while Australian dollar inched up to 1 AUD for 0.7778 USD, compared to 1 AUD. / Set USD 0.7732 earlier.