Currency revenues power most Asian markets
On Friday, the vast majority of Asian stocks managed to soar amid decent revenues in crude prices as well as a leap in key currencies in Asia.
Australian S&P/ASX 200 boasted +0.2%, Korean Kospi made +0.3%, while Japanese Nikkei Stock Average tumbled 1.2%.
China’s Shanghai Composite Index leapt 1.3%, while in Hong Kong the Hang Seng Index acquired + 0.5%.
Stock markets, which soared, later leapt back on stronger currencies relative to the US dollar. The given moves were mostly powered by the weakness in the evergreen buck right after on Wednesday, US central bank representatives held the benchmark interest rate intact and even slowed the tempo of planned rate increases.
Then, the weaker greenback helped to send crude prices upwards, and on Friday, those profits were boosting energy as well as materials stocks in Asia. By the way, crude prices also grew when the OPEC officials considered an output freeze even without cooperation with Iran.
By the way, the greenback’s weakness, that strengthened the Japanese yen, failed to back up Japanese stocks. As a result, Japanese key stock index posted a 1.3% weekly tumble.