Asian stocks rise on Tuesday morning as oil prices decline and the US dollar falls

Asian stocks rallied on Tuesday after China promised to
accelerate policy changes to boost weak economic growth,
while oil prices fell early on Tuesday,
narrowing the previous session’s gains by 3 percent,
and the dollar index fell by 0.2 percent
after approaching a 20-year peak in the previous session.

topic’s

Asian stock markets recover supported by the Chinese stock rise

Oil prices decline as OPEC + production falls symbolically

The dollar stumbles temporarily from a broad rally in Tuesday trading

Asian stock markets recover supported by the Chinese stock rise

Chinese stocks rose on Tuesday after the government pledged to take further action to support economic growth,
while most other Asian stocks recovered slightly from recent losses.

Shanghai gained while Hong Kong retreated, and Tokyo and South Korea remained unchanged at midday.

China’s cabinet planning agency promised on Monday to accelerate concessional lending
and other policies but did not announce new spending,
while economic growth fell to 2.5 percent during the previous year in the second half,
less than half of the official annual target.

The Shanghai Composite Index rose by 1 percent to 3232 .24,
while Tokyo’s Nikkei 225 Index was unchanged at 28618 .62,
and Hong Kong’s Hang Seng fell by 0.2 percent, falling to 19188.25 points.

Seoul’s Kospi was unchanged at 2403.90,
Sydney’s S & P-ASX 200 rose less than 0.1 percent to 6855.50,
and New Zealand fell while Southeast Asian markets rose.

US markets were closed on Monday for Labor Day.

European markets sank after Russian gas giant Gazprom announced on Friday
that the suspension of supplies via the Nord Stream 1 pipeline would be extended indefinitely,
adding to shortages in Germany and other economies.

China’s Deputy Director of the National Development and
Reform Commission said the agency would expedite the promulgation
of an effective policy to compensate for the losses caused by the epidemic in the second quarter.

The government has cut interest rates, given entrepreneurs a break in rent
and promised other aid to revive the economy after Shanghai and
other industrial centers were temporarily closed to fight the virus outbreak,
but avoids significant spending, possibly because it is worried about reigniting the rise in housing
and debt costs that Chinese leaders are worried will rise dangerously.

Also on Monday, Beijing freed up more foreign currency holdings for Chinese commercial
banks to lend and trade by reducing the amount they should hold in reserve.

The move reverses an increase imposed last year to curb speculative trade and
restrict the rise in the Chinese yuan’s exchange rate, which has since fallen.

artical name Asian stocks rise on Tuesday morning as oil prices decline

Oil prices decline as OPEC + production falls symbolically

Oil prices fell on Tuesday to reduce gains from the previous session,
as the OPEC + deal to cut output by 100 thousand barrels per day (BPD)
in October was seen as a largely symbolic move to support prices after the market’s recent downturn.

Brent crude futures declined by 81 cents, 0.9 percent to $94.93 per barrel at 0354 GMT.

US West Texas Intermediate (WTI) crude futures rose from Monday to $88.57 per barrel,
and rose by $1.70, or 2.0 percent, from Friday’s close.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies,
led by Russia, called the OPEC + community,
have decided to reverse an increase of 100 thousand barrels per day (BPD) for September,
after Saudi Arabia and other members expressed concern about falling prices since June despite scarce supplies.

Analysts, who did not expect the agreement even
after Saudi Arabia said it wanted to support prices,
said the cut was mostly symbolic and had a limited impact on
actual supplies given that OPEC + was producing less than production targets.

Analysts also consider that other factors affecting the market include weak
oil demand expectations due to renewed closures in some parts of China
as well as an agreement to set limits on Russian oil export prices.

Russian Energy Minister Nikolai Shulzhenov told reporters
at the Eastern Economic Forum in Vladivostok on Tuesday
that in response to restrictions on oil prices from Russia,
that country would ship more to Asia.

The European Union’s foreign policy chief said, in light of rising prices,
he was less hopeful of an agreement on reviving the Iran nuclear deal,
which would delay any return of about 1 million barrels a day of Iranian crude to the market.

artical name Asian stocks rise on Tuesday morning as oil prices decline

The dollar stumbles temporarily from a broad rally in Tuesday trading

The dollar took a break on Tuesday after a big rally,
slightly lower than its highs against the euro, yen and sterling,
but not so much as Europe suffers from recession,
and US interest rates are bracing for sharp hikes.

The euro rose by 0.3 percent to $0.99545 in Asian trading,
after hitting a two-decade low of $0.9876 on Monday
as the prospects for benefiting from Russian gas in the winter diminished.

Overnight trade dwindled due to a US holiday,
and Australia’s central bank meeting will be the highlight of Tuesday’s Asian trading session,
with markets setting a 64 percent chance of raising the interest rate by 50 basis points.

Sterling last rose by 0.48 percent to $1.1578,
having declined to a two-and-a-half year low of $1.1444 on Monday.

The dollar index fell by 0.06 percent to 109.53 after rising to 110.27 on Monday,
and the Japanese yen, which declined as US interest rates rose and
the gap widening in Japan’s stable interest rates at 140.51 per dollar,
was trading not far from its lowest in 24 years at 140.80 which it recorded last week.

artical name Asian stocks rise on Tuesday morning as oil prices decline

Asian stocks rise on Tuesday morning as oil prices decline

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