Asian shares hit all-time highs, oil rises on Middle East tensions

On Monday, Asian stocks advanced to a new height as successful COVID-19 vaccine rollouts worldwide raise hopes for a quick economic recovery among new fiscal help from Washington, with the price of oil causing increased tensions in Middle East.

The Asia-Pacific stocks’ broadest index outside Japan rose to 736.4 from 0.4 per cent.

Japan’s Nikkei climbed by 1.1 per cent, despite the data showcasing that the nation’s recovery from post-war recession went down in Q4.

The benchmark index of Australia added 0.9 per cent while the futures of E-mini for S&P500 were high 0.3 per cent in Asian trading.

The stock markets in the US will remain shut on Monday due to Presidents Day holiday while Hong Kong and China markets are closed for Lunar New Year holidays.

The major highlight of this week would likely be details of the January meeting of the US Federal Reserve, where the policymakers took the decision of leaving the rates unchanged.

Information on inflation from Japan, Canada and the UK is due while Friday would witness key economies including the US releasing preliminary February PMI (Purchasing Managers’ Indices).

The oil prices rose to highest since last January on the hopes that the US stimulus would boost the fuel demand and economy.

mm

About Albert Kerley

Albert has handled various businesses throughout his career and has a deep domain knowledge. He founded News Conduct in an attempt to bring the latest news to its readers. He is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

View all posts by Albert Kerley →

Leave a Reply

Your email address will not be published.