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In Asia, the week starts under the sign of stability : the Chinese market remains steady while a spike in the coronavirus epidemic in Asia worries investors. The price of oil has remained around its highest levels in two and a half years.
All of Asia is being hit by an upsurge in coronavirus cases linked to the Delta variant, and this has investors worried. After the explosion of cases, Sydney, Australia‘s most populous city, was closed to traffic. In Indonesia and Malaysia, the situation is critical. Faced with an uncontrolled increase in the number of cases, the Indonesian authorities are powerless. In Malaysia, the confinement of the population will be prolonged and new restrictions will hit all of Thailand, especially in Bangkok. Financial results may be impacted.
The MSCI index, the largest in the Asia-Pacific region excluding Japan, posted a slight decline to 702.57. South Korea‘s benchmark index, the KOSPI, was up slightly, as was the Nikkei. In Australia, a 0.2% decline was recorded for AXJO.
In the Middle Kingdom, the climate is more peaceful and the CSI300 index is up 0.2%. According to the latest figures, Chinese industrial companies were however in slight decline for the month of May due to the surge in commodity prices.
This Wednesday, China‘s official industrial activity figures will be released and the manufacturing index is expected to rise from 51 to 50.7. Later in the week, the PMI manufacturing index, from the private sector, will reveal its results.
Risk appetite
Global equities hit record highs last week. U.S. inflation turned out to be lower than expected and news of a bipartisan infrastructure deal in the U.S. gave investors around the world a taste for risk. The infrastructure plan is valued at $1.2 trillion over eight years.
“Investors are closely watching the progress of U.S. President Biden’s bipartisan infrastructure deal in Congress. The package could provide a significant boost to demand through investments in renewable energy and electric vehicle infrastructure,” ANZ analysts said in a statement.
Oil prices at a high
Oil prices climbed to their highest since October 2018 in early Asian trade. Investors are on the expectation that “demand growth will outpace supply,” and that OPEC will remain on guard by putting more crude back on the market from August. Brent crude futures rose 12 cents to $76.30 a barrel, while U.S. crude climbed 13 cents to $74.18.
On the currency front, the U.S. dollar strengthened slightly to 91.846. The Japanese yen weakened to 110.65 against the dollar, while the euro fell to $1.1925. Gold prices fell 0.4 percent to $1,771.9 an ounce.
Read also > THE DIFFERENCE BETWEEN CRYPTOCURRENCIES AND NFTS
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In Asia, the week starts under the sign of stability : the Chinese market remains steady while a spike in the coronavirus epidemic in Asia worries investors. The price of oil has remained around its highest levels in two and a half years.
All of Asia is being hit by an upsurge in coronavirus cases linked to the Delta variant, and this has investors worried. After the explosion of cases, Sydney, Australia‘s most populous city, was closed to traffic. In Indonesia and Malaysia, the situation is critical. Faced with an uncontrolled increase in the number of cases, the Indonesian authorities are powerless. In Malaysia, the confinement of the population will be prolonged and new restrictions will hit all of Thailand, especially in Bangkok. Financial results may be impacted.
The MSCI index, the largest in the Asia-Pacific region excluding Japan, posted a slight decline to 702.57. South Korea‘s benchmark index, the KOSPI, was up slightly, as was the Nikkei. In Australia, a 0.2% decline was recorded for AXJO.
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In Asia, the week starts under the sign of stability : the Chinese market remains steady while a spike in the coronavirus epidemic in Asia worries investors. The price of oil has remained around its highest levels in two and a half years.
All of Asia is being hit by an upsurge in coronavirus cases linked to the Delta variant, and this has investors worried. After the explosion of cases, Sydney, Australia‘s most populous city, was closed to traffic. In Indonesia and Malaysia, the situation is critical. Faced with an uncontrolled increase in the number of cases, the Indonesian authorities are powerless. In Malaysia, the confinement of the population will be prolonged and new restrictions will hit all of Thailand, especially in Bangkok. Financial results may be impacted.
The MSCI index, the largest in the Asia-Pacific region excluding Japan, posted a slight decline to 702.57. South Korea‘s benchmark index, the KOSPI, was up slightly, as was the Nikkei. In Australia, a 0.2% decline was recorded for AXJO.
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