Asian Stocks headed for Weekly Rise, Higher Oil Underpins

Asian Stocks headed for Weekly Rise, Higher Oil Underpins

1 July 2016, 06:42
Roberto Jacobs
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Asian Stocks headed for Weekly Rise, Higher Oil Underpins

The Asian equities trade on a firmer note this Friday, having reversed almost half the post-Brexit slump, and now remain poised to book weekly gain as markets continue to speculate fresh stimulus measures from the global central  banks to counter the post-Brexit aftermath.

Hiroaki Muto, chief economist at Tokai Tokyo Research Center in Tokyo noted that, “there is a high chance that the BOJ will ease further at its July meeting. If the BOJ doesn't move this time, there's a possibility that the yen will strengthen further."

Moreover, higher commodities’ prices also lend support to the resource, mining and energy stocks on the region’s indices, while mixed economic data from China and Japan released earlier today, caps further upside.

Nikkei’s rally capped by stronger Yen

The Japanese benchmark index, the Nikkei 225 jumps +0.69% to 15,683, little affected by a weaker USD/JPY, down -0.37% on the day. The Australian markets also follow suit, with the ASX 200 index rising 0.56% to 5,263 points.

The Chinese equities trade with modest gains, with the benchmark Shanghai Composite index advancing +0.18% above 2,900 levels; the CSI300 index also gains +0.15%. While Hong Kong markets remain closed today on account of a public holiday.

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