Asian shares rise following US measures

5 March 2020

Today in Japan, the NIKKEI 225 rose to 21,329.12 (1.1%) following a surge on Wall Street after more aggressive measures were being taken by central banks and governments to fight the current financial situation.

The surge in share prices showed that investors are getting more confident after US shares climbed yesterday.

The panic selling of last week is hopefully out of the way and investors will try to recoup the losses made after a turbulent 2-3 weeks.

Here's how other benchmarks performed; 

- S&P/ASX 200: 6,395.70 points (+1.1%)

- Kospi: 2,085.26 (+1.3%)

- Hang Seng: 26,771.98 (+2.1%)

- Sensex: 38,854.42 (+1.2%)

- SSE: 3,069.95 (+1.9%).

OPEC meeting starts today

Investors will be looking towards Vienna over the next 2 days as the OPEC members, especially Saudi Arabia will be pushing for output cuts to ease out the current situation.

It has been a turbulent few weeks for Oil and throughout the day, news about the meetings will start coming out and this will keep affecting the price of Oil.

Crude oil inventories report of yesterday gave a smaller than expected rise and this morning Brent Oil rose by 78 cents (+1.5%), while WTI rose by 69 cents (+1.5%), reaching 47.47 per barrel.

"There is not a lot of confidence in the moves," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

The meetings of OPEC+ will be a defining moment this week for the near future of Oil prices.

"If Opec+ settles with something in the middle of the Russian request of no change in cuts and the 1.5 million Saudi goal, that might not be enough to keep prices supported here," said Edward Moya, senior market analyst at broker OANDA.

 

 

Stocks surge after Biden leads Super Tuesday

Being viewed as more favourable to the markets compared to Bernie Sanders, the former US Vice President Joe Biden, led the Super Tuesday polls.

The Dow Jones Industrial Average rose by nearly 1,200 points and most of the surge was in the final minutes of the session, thus closing at 27,091.

Analysts mentioned that investors are switching from the virus to politics and the political game is better played by the market, compared to outbreaks.

Elsewhere, the S&P500 finished up 4.22% and NASDAQ closed with a gain of 3.85%. Healthcare stocks gained around 6%, leading in all 11 market sectors.

 

 

 

Financial Events to watch for today

OPEC Meeting