Asian stocks are driven by growing oil
On Friday, Asian benchmark indexes were greatly driven by surging oil, although the prospect of higher American interest rates weighed on some markets in Asia.
China-related shares rose 1.5%. In Hong Kong, the Hang Seng Index managed to acquire up to 1.2%. Australian S&P ASX 200 soared 0.6%, while the Shanghai Composite Index grabbed 0.2%. As for the Nikkei Stock Average it gained 0.4%.
However, stocks in the Philippines tumbled 1.3%. In Indonesia, the JSX index dropped 0.2%. These two markets appeared to be the greatest sufferers in Asia this week, being affected by a strengthening greenback.
Market participants in the region tried to overcome concerns over the Fed’s recent decision as for its monetary policy in June. Other concerns include ongoing volatility in the crude market as well as uncertainty around how Japan’s government is going to stop the yen’s surge. It has undoubtedly weighed on stocks in the region. The MSCI Asia Pacific stock benchmark is currently fluctuating near the levels of mid-2014.