Asian stocks rise with the US dollar rises and oil prices decline

الأسهم الآسيوية ترتفع مع صعود الدولار الأمريكي بينما تراجعت أسعار النفط

Asian stocks rise with the US dollar rises and oil prices decline

 

 Asian stocks continued their global rally on Thursday after US stocks weakened
more than expected as inflation data encouraged bets to raise interest rates less sharply
than the Federal Reserve, while the dollar struggled for survival after suffering its biggest decline in five months
and oil prices fell during Thursday’s trading after rising more than 1 percent the previous day.

 

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Asian stocks join global rally after the US

Dollar rises after previous session decline

Brent crude falls to $97.03 per barrel

 

 

 

 

 

 

 

 

 

 

 

 

Asian stocks join global rally after the US

 

Consumer prices remained unchanged in July compared to June,
when they rose monthly by 1.3 percent,
with July’s result falling short of expectations due to a sharp decline in the cost of gasoline,
causing markets to be repositioned in the hope that inflation was peaking.

 

MSCI’s broader index of Asia-Pacific shares outside Japan rose 1.4 percent to a six-week high,
supported by a 1.8 percent soar in Hong Kong, a 1.2 percent advance in South Korean stocks
and a 1.5 percent gain in China’s blue chip.

 

Risk sentiment is set to continue in Europe when markets open,
with Euro Stoxx 50 futures across the region rising by 0.4 percent.

 

S&P 500 futures rose by  0.2 percent and Nasdaq futures rose by 0.3 percent.

 

In the analysts’ view, actual returns as a major valuation problem in 2022
because of the Fed’s commitment to fighting inflation,
so any pessimism is seen as positive by the stock market,
especially for higher-value companies.

 

Overnight on Wall Street

 

the S&P 500 rose more than 2 percent after the inflation report,
while the Nasdaq Composite added 2.9 percent and
the Nasdaq now gaining more than 20 percent from its June low.

 

The United States had lagged against inflation that had opened the door
to the Federal Reserve to mitigate future rate rises,
with traders now pricing in a 50 basis point rate hike next month,
compared with the 75 basis point rise expected before inflation was reported.

 

Experts say that for the FOMC,
the July inflation report is a satisfactory first step towards being able to calm inflation,
however, at least one or two similar inflation readings are necessary
if they have confidence that the inflation emergency has passed.

 

During Wednesday’s session,
Chicago Fed President Charles Evans said inflation was still unacceptably high,
and that the Fed would need to continue raising interest rates.

 

Marie Daly, president of the Federal Reserve Bank of San Francisco,
warned that it was too early for the United States to declare the central bank’s
victory in its battle against inflation
and a half-percentage point rate hike in September as its baseline.

 

 

 

 

 

 

 

 

 

 

 

 

Dollar rises after previous session decline

 

At the currency level, the greenback rose by 0.2 percent against
its main counterparts after falling by 1 percent in the previous session,
the largest in five months, and commodity currencies rose
as risk appetite improved owing to hopes for a weak decline.

 

Spot gold fell by 0.4 percent to $1784.74 per ounce,
further away from the previous session’s high.

 

artical name Asian stocks rise with the US dollar rises and oil prices decline

 

 

 

 

 

 

 

 

 

Brent crude falls to $97.03 per barrel

 

The cost of Brent crude futures for October on the London Futures Exchange
by Thursday morning was $97.03 per barrel,
down 0.38 percent, $0.37 below the previous session’s closing price.

 

According to previous trading results,
the prices of these futures rose by $ 1.9, by 1.1 percent,
to reach $ 97.4 per barrel.

 

WTI crude futures for September in electronic trading of the New York Mercantile Exchange
(NYMEX) stood at USD 91.57 per barrel by this morning,
$0.36 or 0.39 percent lower than the final value of the previous session.

 

By the close of the market on Wednesday,
the cost of these futures had risen by $1.43, or 1.6 percent, to $91.93 per barrel.

 

The market followed the news of Russian oil delivery to Europe via the Drogba pipeline the previous day.

 

Earlier, Transneft reported that on August 4,
Ukrtransnafta stopped crossing Russian oil due to non-payment of transit fees,
through the southern branch of the Drogba oil pipeline passing through the territory of Ukraine.

 

Oil supplies to refineries in Hungary,
Slovakia and the Czech Republic are carried out on the basis of a long-term agreement between PJSC Transneft
and JSC Ukrtransnafta for the provision of raw material transportation services on 100 percent prepayment terms.

 

In addition,

pressure has been exerted on the market through data on energy reserves in the United States.

 

US commercial oil reserves rose last week by 5.46 million barrels,
reaching 432.01 million barrels, data announced on Wednesday,
according to the country’s weekly Energy Department report.

 

Gasoline commodity inventories declined by about 4.98 million barrels to 220.32 million barrels,
and commercial distillate inventories rose by 2.17 million barrels to 111.49 million barrels.

 

Experts expected oil inventories to fall by 1 million barrels,
gasoline inventories to fall by 1.1 million barrels
and distillate inventories to fall by 1 million barrels.

 

In the meantime, traders await the publication of OPEC’s monthly oil market report
and the International Energy Agency’s (IEA) monthly review on Thursday.

 

artical name Asian stocks rise with the US dollar rises and oil prices decline

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