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Stock Market News Points - World Crude Oil:
- China equities surge as economy begins to focus on easing Covid-19 restrictions.
- The Fed's Evans' projection of higher interest rates has supported US Treasury yields.
- Oil prices lose ground as OPEC does not extend production cuts.
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World Crude Oil News
Stock Market - Chicago Fed President Charles Evans said Friday that the Fed's interest rate peak is likely a little higher as they slow the pace of interest rate hikes. That resulted in a significant recovery in the 10-year U.S. Treasury yield to rise above 3.54%.
It was noted that Japan's Nikkei 225 experienced a slight decline, China A50 rose by 1.70%, Hang Seng also experienced an increase of 3.34% and Nifty50 fell by 0.46%.
Nikkei225 followed the S&P500 futures, showing a weak performance on Monday. Next, Investors are now waiting for Overall Household spending for further guidance. In the economic data, it is seen to have increased by about 3.4% from the previous data of only 2.3%. If household spending is better, then it will indicate expectations for near-term inflation.Crude Oil Prices Hit Today's Highest Value, US Dollar Weakens!
Meanwhile, in terms of Asian stock markets and crude oil, Chinese equities have a better chance of performing stronger due to the impact of the economy reopening after the Covid-19 pandemic. The administration has decided to impose restrictions on the Covid-19 lockdown after a public outcry as it limits human, material and machine activities leaving no funds to offset payments for damaged goods. This also has implications for the future recovery of the economy.
On the other hand, regarding world oil, oil prices have been suggested by most parties to rise since Monday morning and fell to near $80.60 after a stronger recovery from the previous $79.66. The result of the absence of production cuts by OPEC + which took place on December 4 yesterday caused sentiment for an increase in world crude oil prices today. The oil cartel will stick to its two million barrels per day cut until November 2023 for now. In addition, the easing of Covid restrictions in China and the US NFP are optimistic about supporting the recovery of oil prices again.
That is the information we share regarding the development of the Asian stock market. Keep updating information related to investment and other forex trading through the GIC journal every day. You can also trade through the GICtrade application with the new ECN account feature, enjoy your trading with the lowest spread price starting from 0 Rupiah! You also have the opportunity to get a chance to win billions of Rupiah without being drawn through the GIC Gebyar Hadiah.
