Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Asian Stock Markets Up Despite Slump in Oil Prices

Published 04/05/2020, 10:56 PM
Updated 04/05/2020, 11:02 PM
© Reuters.

By Gina Lee

Investing.com - Asian stock markets were up on Monday morning even as oil prices continued to slump.

Oil prices experienced a more than 6% drop as OPEC+ delayed a meeting to discuss fragile oil prices. The meeting will now take place on Thursday.

Down Under, the S&P/ASX 200 led the gains as it rose 2.72% by 10:23 PM ET (3:23 AM GMT).

South Korea’s KOSPI gained 2.11% whilst Hong Kong’s Hang Seng advanced 0.89%.

Japan’s Nikkei 225 gained 2.45%Prime Minister Shinzo Abe is expected to declare a state of emergency by Tuesday to curb the spiking numbers of COVID-19 cases in the country. The World Health Organization said that there are 3,271 Japanese cases as of April 5.

China’s markets are closed today for a holiday.

As the number of COVID-19 cases globally tops one million, some current epicenters of the virus such as New York City, Italy, France and Spain reported falling fatalities over the weekend.

“There is light at the end of the tunnel but it’s still a long tunnel,” Erik Nielsen, UniCredit chief economist, told Bloomberg.

Lindsey Piegza, chief economist at Stifel Nicolaus & Co, was also optimistic as she said in a Bloomberg TV interview.

“We are still optimistic that the administration will be able to get this virus under control and reopen the economy by the end of April, early MayIf that does occur, it’s likely that we’re able to control the downturn from a depressionary scenario into a recessionary scenario.”

Latest comments

Note how expediently Nancy and Chuck sign off on future stimulus.   The latest myth, hoax  and lie has just about run it's course-time to cram as much porkulus in as possible before the trough closes.
fake out
Hahahaha early may xD
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.