The price of Brent oil spiked to 70 USD, the Japanese and Korean stocks struggled to make a profit

The price of Brent oil spiked to 70 USD, the Japanese and Korean stocks struggled to make a profit

Not only Japan – Korea stocks, the major stock markets in Asia – Pacific also struggled to find points of increase on the trading day of March 8.

The Kospi index lost 1% to 2,996.11 points on March 8 trading day. Photo: AFP

Analysts said that the difficult uptrend of the regional market reflected the caution of investors when the US job report last week was out of experts’ prediction, at the same time promoting prospects for the world’s largest economy to recover faster.

Australia is a rare stock market closed on March 8 in the green color. The ASX 200 index increased modestly by 0.43% to 6,739.60 points when most stock groups gained, while the separate financial index closed up 0.5%. Banking and mining stocks were the two main driving forces for the gain of Australian stocks on March 8 trading day. In which, shares of Commonwealth Bank increased 1.01%. Rio Tinto Mining Group shares soared 2.91 percent, followed by BHP Mining Group shares up 2.38 percent and Fortescue Mining Company shares inching 0.5 percent.

In Japan, the rise of financial and banking stocks did not save this stock market from the red. The Nikkei 225 lost its gain and closed 0.42% to 28,743.25 points. Outstanding among financial and banking stocks is Nomura Group with a 3.17% increase, followed by Mitsubishi UFJ Financial Group with a 2.83% increase, and Sumitomo Mitsui with 2, 14%. The same happened for the Topix index as it also ended the day slipping 0.14% to 1,893.58 points.

On the Korean market, the Kospi index lost 1% to 2,996.11. In Hong Kong, the Hang Seng Index slipped 1.85% in the last trading hours of the day, while the Hang Seng Tech index plunged 6.69%.

The red also covered the stock market of mainland China. The Shanghai Composite fell 2.3% to 3,421.41 points, while the Shenzhen Component slipped 3.81% to 13,863.81.

The red color that dominated the Asia-Pacific stock market in the first trading day of the week 8/3 was the move to follow the horrifying trading day of Wall Street on the night of March 5 – the time when the market suffered the wave. The sell-off was strong after the US non-farm payrolls report recorded more positive changes than expected, helping the outlook for a rapid US economic recovery become more optimistic.

Analysts at ANZ Group assessed: “Investors are still wary of the impact of the Biden administration’s experimental fiscal package on long-term interest rates, making capital markets more risky.” These experts said that the discussion of support measures can dominate the content of the mid-March policy meeting of the US Federal Open Market Commission.

Earlier, the US Senate passed a bill on the $ 1,900 billion Covid-19 bailout at the weekend, which will pay up to $ 1,400 directly to most Americans. The bill is expected to be submitted to President Joe Biden for signing before March 14 to extend the current unemployment benefit programs.

Last month, Fed Chairman Jerome Powell assured US lawmakers that the economy is a long way from its employment and inflation target, and it may take time. time to reach further goals.

In the money market, the greenback has strengthened significantly. The US dollar index against other major currencies rose 0.19% to 92,155, from 91,842 previously set. Japanese yen changed hands at 108.47 JPY / USD, while the Australian dollar slid 0.13% to 1 AUD for 0.7676 USD.

Oil prices traded on Asian hours on 8/3 slipped slightly after increasing by more than 2%. Crude oil futures price of the US increased 1.42% to 67.03 USD / barrel while Brent oil futures price was still above the threshold of 70 USD, reaching 70.39 USD / barrel after increasing by 1.49%. .

Saudi Arabia has confirmed that its oil facilities were attacked by missiles and drones on March 7. A Houthi rebel spokesman has claimed responsibility for these attacks.

Last week, OPEC and its oil allies, or OPEC + for short, reached a consensus that the alliance kept output steady until April while Saudi Arabia insisted it would continue to cut output voluntarily. 1 million barrels / day for the next month.