By: Franyi Sarmiento, Ph.D., Inspenet, June 28, 2022
Asian stock markets ended Tuesday higher, following better signs in most of the region’s stock markets and the lifting of restrictions in China.
The Japan Stock Exchange closed with gains; gains in the machinery, transportation equipment, and electrical/machinery sectors drove the indices higher.
At the close in Tokyo, the Nikkei 225 added 0.66%. The best stock of the session on the Nikkei 225 was Tokyo Electric Power Co. with a rise of 7.21%. It was followed by Mitsubishi Motors, which advanced 5.82%, and Inpex Corp. which rose 4.88%. At the bottom of the index was Z Holdings Corp, which fell by 2.50 %.
European stock markets rise led by gains in commodity-linked stocks and automakers after China relaxed its Covid-19 quarantine for foreigners.
European oil and gas and mining stocks gained 1.9% and 3.2%, respectively, as commodity prices rose on hopes of a resurgence in demand from China, the world’s second largest economy and leading metals consumer.
USA: WALL STREET TO OPEN HIGHER US: Wall Street to open higher
Wall Street futures are trading positive on Tuesday, boosted by strong performance in Asia and Europe. Yesterday, however, the indices closed lower and are on track to close a negative quarter.
All three indexes (S&P 500, Nasdaq 100 and Dow Jones) are on track to post two consecutive quarterly declines for the first time since 2015. They also look set to close June with losses, which would mark three consecutive months of declines for the tech-heavy Nasdaq, its longest losing streak since 2015.
On the other hand, in the cryptocurrency market, after a slight rebound over the weekend, the main cryptocurrencies have dawned with small drops. Bitcoin returns below US$21,000 and Ethereum trades above US$1,200. In the last seven days, Dogecoin and Sihiba Inu had gains of 16 % and 31 % respectively.
OIL: G7 to support oil market
Oil prices rise on Tuesday amid tight supplies around the world. But leaders of the Group of Seven (G7) nations vowed to increase pressure on Russia as energy prices fall.
Brent crude oil futures gain 1.97 % to US$117.36 and WTI crude oil futures are up 1.66 % to US$111.39.
Oil prices remain above US$110 a barrel as supplies of crude oil and petroleum products are tight after the West imposed sanctions on Russian oil.
The G7 has pledged to support Ukraine “for as long as necessary.” A proposal to cap the price of Russian oil is one of the new sanctions on Moscow’s finances.
Source: https://www.valoraanalitik.com/2022/06/28/premercado-bolsas-petroleo-28-junio/
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