Asian Stock Market: Nikkei soars on positive market mood, DXY turns subdued, oil eyes $85.00 – by Sagar_Dua24 Asia Nikkei DollarIndex SP500 NorthKorea
lar index shifted into a negative trajectory. The DXY is hovering around weekly lows at 111.47 and is expected to surrender the same sooner.
At the press time, Japan’s Nikkei225 soared 2.80%. Meanwhile, Chinese markets are closed for the entire week and Hong Kong markets are closed for today on account of the Double Ninth festival. Japanese markets are displaying a stellar performance despite the ongoing Japan-North Korea tensions after North Korea tests ballistic missiles near the Japanese region.
In retaliation to that, Japan's Prime Minister Fumio Kishida cited the launch as ‘violent behavior’. While Japan’s defense minister Yasukazu Hamada has cleared that Tokyo would not rule out any options to strengthen its defenses including "counterattack capabilities", reported BBCOutside Tokyo, the Reserve Bank of Australia hiked its Official Cash Rate by 25 basis points . As per the estimates, RBAwas expected to hike OCR by 50 bps consecutively for the fifth time.
On the oil front, oil prices are expected to hit the critical hurdle of $85.00 as expectations for production cuts announcement by OPEC+ are soaring. In order to stabilize the oil prices, the oil cartel will trim its production cuts. The announcement is majorly expected to delight Russia as the nation is offering oil at cheaper
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