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Asian stocks rise, oil headed for weekly gain

MSCI

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.16% and was set to end the week with a 0.5% gain

Asian stocks rose on Friday while oil prices were headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge.

Investor focus was also on the U.S. nonfarm payrolls report due later in the day, which would provide further clues on the Fed’s rate outlook.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.16% and was set to end the week with a 0.5% gain.

It was helped by a 2.2% jump in Hong Kong’s Hang Seng Index on continuing optimism over China’s massive stimulus measures. The Hang Seng Index is heading for a weekly gain of over 9%.

Oil prices are on track for strong weekly gains, driven by concerns over potential supply disruptions in the Middle East.

Brent crude futures declined 0.14% to $77.51 a barrel on Friday but were headed for a weekly gain of around 7.7%, the biggest since February 2023.

U.S. WTI crude futures dropped 0.12% to $73.62 per barrel and were on track to gain 8.1% for the week, the most since March 2023.

Elsewhere, caution capped gains in regional share markets.

In Japan, the Nikkei gained 0.27%, but was set for a weekly loss of around 3%.

Japanese stocks have had a choppy few sessions this week as investors weighed rising geopolitical tensions against the domestic rate outlook.

Prime Minister Shigeru Ishiba said this week that economic conditions in the country were not ripe for further rate hikes by the BoJ, reversing the hawkish tone he struck prior to his election victory.

The comments, along with more dovishness from other officials, sent the yen weakening past the 147 per dollar level, though it traded 0.46% higher on Friday and last stood at 146.27 per dollar.

Still, the Japanese currency was headed for a weekly decline of 2.8%.

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