Stock Groups

Hong Kong drops nearly 3% as Chinese stocks tumble


Additional markets in Asia-Pacific

After rising earlier, Japan stock markets fell into negative territory. The Nikkei 225The Topix was below the flatline. According to Reuters, Japan provided inflation data that showed its core consumer price index reached a two year high in March.

Australia’s S&P/ASX 200 stayed in positive territory as it inched up 0.26%, with some gains in miners. South Korean stocks were unable to determine their direction and traded between gains or losses. There are KospiLast time, sat higher than the flatline.

MMG, a mining company that grew past 8% in Asia morning trading is among the top gainers. FanucSingapore’s agricultural firm also saw a 1.2% increase in their. Olamwhich was up 5.1%. The notable losers were Nio which dropped 5.1%, and China Life Insurance which declined 2.1%.

The MSCI’s Asia-Pacific share index outside Japan was 0.88% less.

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The Straits Times Index in Singapore was 0.5% higher. Capital Economics researchers and DBS Bank analysts reported Friday that Singapore’s central banking will likely tighten its policy next month at the meeting. after a major loosening of the country’s Covid restrictions on Thursday.

Alex Holmes, Emerging Asia economist for the firm said that yesterday’s lifting of Singapore virus restrictions was more than we expected. This means that the risk to our 4.0% growth projection this year is to the upside. The measures will likely increase inflationary pressures and raise the likelihood that the Monetary Authority of Singapore’s (MAS) will tighten its policy next month. 

U.S. stocks rallied overnightThe chip stocks led the charge. To close at 34 707 94, the Dow gained 349.44 point, or 1.1%. The S&P 500 added 1.4% at 4,520.16, and the Nasdaq Composite rose 1.9% to 14,191.84.

Stocks fluctuated this week as they alternate between down and up days. The S&P 500 and the Nasdaq are on track to close the week higher.

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Oil and Currencies

After falling oil prices, the focus was on oil prices almost 2% overnightFollowing a volatile session. On Friday, U.S. crude oil fell 0.15% at $112.17 per barrel, while Brent was unchanged at $119.05.

“[International Energy Agency]Brian Martin and Daniel Hynes, analysts at ANZ Research said that members want to cut down on their consumption of the crude oil. According to them, Fatih Birol (IEA Executive Director) stated that the group was ready to pump more oil out of emergency stockpiles if required.

Organization of the Petroleum Exporting Countries representatives have expressed their dismay at the EU’s proposed ban on Russian oil. This has contributed to the oil industry’s decline. Reuters said citing OPEC sources.

The following currencies are available: U.S. dollar indexThe indices that track the greenback in relation to a basket of peers were at 98.527. This is a drop from levels near 98.7 earlier.

The Japanese yenIt was traded at 121.55 dollars, which was firmer than earlier. The Australian dollarIt was $0.7517 at the end of this week, a jump that continued from $0.74 levels earlier in the week.