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Most Asian Markets Gain As Oil HIts $70, US Dollar Inches Up Again

Most Asian Markets Gain As Oil HIts $70, US Dollar Inches Up Again

2018-05-07 06:56:00
David Cottle, Analyst
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ASIAN STOCKS TALKING POINTS:

  • Most Asian markets managed gains Monday
  • The Nikkei 225 was an exception but it only fell by a whisker
  • The US Dollar was a little more wobbly after Friday’s mixed employment numbers

Join our analysts for live coverage of all the major Asian market-moving data at the DailyFX Webinars

Most Asian stocks gained quite Monday despite oil prices topping $70/barrel.

A variety of stories are vying for market attention. From last week’s mixed US employment numbers to apparently deadlocked trade talks between Washington and Beijing and on to those rising oil prices, stock investors can take their pick. Tech also got a boost after Warren Buffett’s Berkshire Hathaway was revealed to have bought plentiful Apple shares in the first quarter.

The Nikkei 225 ended the session lower, but only just, with Australia’s ASX 200 rising thanks to strength in material and energy names. Chinese stocks were also higher, on the mainland as well as in Hong Kong.

The US Dollar continued to make gains despite those patchy labour market numbers. It hit four-month highs against a basket of its major traded rivals Monday, only to pare some gains through the Asian session. The Australian Dollar got a modest lift from improved domestic business confidence. Its New Zealand cousin remains under pressure against the US Dollar too but seems to have found something of a base in the past week at its lows of December, 2017.

New Zealand Dollar Vs US Dollar, Daily Chart

Gold prices were steady through the Asian session, with the market keeping an eye out for the plentiful US Federal Reserve speakers who are due this week. Oil prices rose to highs not seen since late 2014 on worries about Venezuela’s economy and the possibility of more sanctions against Iran.

The data schedule is sparse fot the remainder of Monday but will pick up as the week goes on.

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--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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