Japanese stocks inched slightly, oil prices up 1%

Most of the major stock indexes in Asia-Pacific gained in the first trading day of May 24.

The Nikkei 225 index rose 0.17% on the trading day of May 24. File photo: AFP

The gains of Japanese stocks declined from the beginning of the session as the Nikkei 225 inched slightly 0.17% to 28,364.61 points at the close, while the Topix index gained 0.44% to 1,913.04 points.

Singapore’s Straits Times index gained a modest 0.2%, while India’s Nifty 50 and Sensex indexes gained 0.23% and 0.26% respectively. Malaysian stocks rose 0.53% today while Taiwan’s Taiex index edged up 0.22% to 16,338.29 points.

Australian stocks also recorded in the green with the ASX 200 index rising 0.22% to 7,045.90 points, although shares of mining corporations were under selling pressure. Shares of Rio Tinto Mining Group fell 2.15% while shares of BHP and Fortescue lost 1.84% and 4.17% respectively.

Contrary to the region, Korean stocks “red in the floor” at the beginning of the week with the Kospi index sliding 0.38% to 3,144.30 points. In the Hong Kong market, Hang Seng Index down 0.26% at the last trading hour of the day.

Meanwhile, mainland China stocks reversed up today with the Shanghai Composite up 0.31% to 3,497.28 points, while the Shenzhen Component rose 0.62% to 14,506.61 points. .

Asia-Pacific stock markets were in the green after the Dow Jones Industrial Average and the US S&P 500 Index last week marked the fourth and second consecutive weekly declines, respectively.

Data released last week also showed that the US and European service sectors have recovered strongly as businesses resume operations after a long period of anti-epidemic blockade as well as benefit from the recovery of global demand. bridge.

ANZ Group analysts said: “There is not too much debate in the financial markets about how quickly GDP will recover, but focus on the shape of the recovery.” ANZ experts think it will take a long time to answer questions related to inflation, but expect the US Federal Reserve (Fed) to adjust the market accordingly.

In the currency market, the greenback slipped today. The US Dollar Index against other major currencies fell to 89,939, from 90.00 previously set. The Japanese yen changed strongly and changed hands at 108.69 JPY/USD, while the Australian dollar inched up 0.1% to 1 AUD for 0.7741 USD.

Oil prices traded by Asian hours today increased more than 1%. U.S. crude oil futures rose 1.16% to $64.32 per barrel while Brent crude futures also rose by 1.11% to $67.18 per barrel.

Last week, US crude oil and Brent oil prices fell due to concerns about Iran increasing oil supply to the market. Iran’s President said the United States is ready to lift sanctions on the country’s oil, banking and shipping sectors.

According to ANZ experts, Iran’s oil production has increased in recent months, possibly thanks to the expectation of the US lifting of sanctions. These experts said that the oil market is also worried about the negative impact of Asia’s current anti-epidemic measures as regional authorities try to contain new Covid-19 outbreaks.

However, investors still seem optimistic about the recovery of fuel demand in the US and Europe as these countries come out of lockdown and more people are vaccinated against Covid-19 as planned. for summer travel.