Asian Sstocks See Relief Rally on Oil Rebound
The sentiment on the Asian stocks rebounded this Wednesday, after a
bearish start to the week, as the oil price rebound offered some
reprieve to the energy sector stocks, while a weaker yen aimed reduced
demand for safe-haven also boosted the Japanese exports stocks.
Moreover, a better-than expected Chinese services PMI print also added to the renewed optimism, and underpinned the Asian markets recovery, after the region’s indices dropped to a one-month low the day earlier.
Asia tracks oil higher
The Japanese benchmark index, the Nikkei 225 reversed a part of yesterday’s slide and now gains 0.28% to 15,777 points. Meanwhile, USD/JPY advances 0.18% above 110.50 levels.
While the Australian markets also cheered higher oil prices and stronger China’s services PMI report, driving the benchmark S&P/ASX 200 index 0.62% higher at 4,954. The Chinese services sector activity expanded from 51.2 in February to 52.2 in March, the Caixin PMI report showed.
Whilst the Chinese equities fluctuate between gains and losses, with the benchmark Shanghai Composite index trading down -0.20%. The CSI300 index drops -0.27%, while Hong Kong’s Hang Seng trades 0.08% higher around 20,200 levels.
(Market News Provided by FXstreet)