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Asian stocks rise for 3rd straight session as risk-on extends

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Asian stock markets extended its bullish streak into a third day this Thursday, largely on the back of the extended rally in the oil prices, while strengthening US economic prospects also lifted the overall market sentiment.

    Asian indices sit at multi-week highs

    The Japanese benchmark index, the Nikkei 225, prolongs its upward trajectory and hit fresh three-week highs just shy of 17k mark, still up 0.89%. The improved risk sentiment as markets believe that oil prices could have found a floor as WTI hovers near $ 35, helped boost the energy stocks. While a relatively weaker yen against the buck also provided further support to the exports-oriented stocks.

    The Australian markets also tracked its Asian peers higher, now driving the ASX 200 index nearly 1% higher at 5,068. While traders also cheered better than expected Aus trade figures and spurred renewed optimism into markets. Meanwhile, the gold miners continue to benefit and add to the upside in the index, as the gold prices continue to strengthen and hovers around 1240 levels.

    The Chinese equities are seen wavering between gains and losses as the poor Chinese services PMI data weighs on the investors’ minds. The Shanghai Composite erased gains and now loses -0.14%, Shenzhen’s CSI300 edges -0.10% lower. Hong Kong’s Hang Seng drops -0.60%.
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