Soaring crude prices spur Asian stock markets
On Tuesday, ascending crude prices along with weaker local currencies substantially backed Asian stock markets, with Japan’s Nikkei standing out as the region’s top performer.
The Nikkei Stock Average tacked up 1.2%, driven by exporters amid a weaker yen, with Australian S&P/ASX 200 soaring 0.2% as well as Hong Kong’s Hang Seng Index reversing early revenues to sag 0.3%. Both the Japanese as well as Hong Kong markets were unavailable on Monday.
Meanwhile, the Shanghai Composite Index managed to acquire 0.3%, building on Monday’s 1.5% ascend, as Chinese investors got back from a week-long national holiday.
In general, risk-on sentiment is getting back to Asia due to higher crude prices caused by recent output cuts, not to mention fresh revenues in the American market.
It’s going to be a sort of relief at the prospect of receding Donald) Trump’s win, as financial markets are less favorable to Trump as they don’t like the overall uncertainty of his economic policies.