Asian Stock Market: Displays caution as yields soar, oil eyes $78.00 – by Sagar_Dua24 Asia Oil Fed BOJ PBOC
rnment bonds has refreshed its three-month high at 4.03%. The demand for US government bonds has dropped dramatically as investors are expecting the United States recession a reality as the Federal Reserve looks set to push rates above 5% sooner. S&P500 futures have stretched their downside, portraying a negativeAt the press time, Japan’s Nikkei225 remained flat, SZSE Component eased 0.26%, Hang Seng dropped 0.40%, and Nifty50 tumbled 0.56%.data.
Meanwhile, Bank of Japan policymakers are constantly chanting dovish stances on monetary policy guidance. After dovish commentaries from BoJ Governor Nominee Kazuo Ueda and BoJ Deputy Governor Ryozo Himino, the current monetary policy has also been considered as appropriate by board member Junko Nakagawa. He cited “An expansionary policy is highly essential for supporting the economy and fueling wages.
On the oil front, oil prices are looking to extend their recovery to $78.00 in hopes of recovery in China post the release of the Caixin Manufacturing PMI, which overshadowed the risk of a global recession. Also, the less-than-anticipated build-up of oil inventories reported by the United States Energy Information Administration has infused fresh blood into oil bulls. The US EIA reported a build-up of oil stockpiles by 1.165 million barrels for the week ending February 24.
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