TOKYO (Archyde.com) – Japan’s Nikkei index edged up at the close on Monday, helped by lower crude oil prices, as investors felt more optimistic regarding Russia-Ukraine peace talks. Shares of travel-related companies jumped as Covid-19 cases declined and hopes for the resumption of a government program to support tourism revived. Financial sector stocks rose as earnings expectations improved, due to higher global long-term bond yields. Auto stocks rose following a weak yen boosted sales abroad. The Nikkei rose at the close 0.58 percent to 25,307.85 points. The prices of 177 shares rose from 225 shares listed on the index. The broader Topix index rose 0.71 percent to 1812.28 points. US Deputy Secretary of State Wendy Sherman said on Sunday that Russia was showing signs that it might be willing to conduct substantive negotiations on Ukraine, which has pushed commodity prices back from their highest levels. Travel company HAE jumped 7.53 percent and airline ANA Holdings jumped 2.94 percent. Tokyo Electron was pleased with 1.31 percent and Advantest by 2.21 percent. Toyota shares rose 2.88 percent and Nissan 2.04 percent.
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oil prices
The statements of the UAE ambassador to America to CNN, oil prices plunge with the largest drop in one day in two years.. Here is what the market looks like
written by Alexandra Hartman Editor-in-Chief
New York, USA (CNN)–The UAE ambassador to Washington, Yousef Al-Otaiba, told CNN, Wednesday, that the country wants to increase oil production and will encourage the Organization of the Petroleum Exporting Countries (OPEC) to increase supplies.
The statements of the Emirati ambassador pushed oil prices down, Wednesday, as the price of US oil fell 12% to less than 109 dollars a barrel and Brent crude, which is the global benchmark for oil prices, fell by 13% to $111 a barrel, the largest drop in a single day since Nearly two years.
If the UAE persuades its partners to increase supply, it will be a major shift following the OPEC + agreement at its meeting last week to stick to the plan to gradually add oil to the market, defiantly increasing pressures for advanced economies to do more to ease prices.
The UAE Ministry of Energy did not issue any statement, but Al-Otaiba’s comments, which were then published on Twitter by the country’s embassy in Washington, are the first hint that a country in OPEC may be ready to prevent oil prices from rising out of control.
“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years, and believes that stability in energy markets is critical to the global economy,” Otaiba said.
European shares rebounded on Wednesday, as investors picked stocks that were battered in a recent market sell-off on concerns regarding mounting Western sanctions once morest Russia following its invasion of Ukraine.
The European Stoxx 600 index rose 3.6% following a series of losses over four days, the German DAX jumped 5%, the French CAC 40 rose 4.5%, while the British FTSE rose 2%.
The hard-hit banking, travel and leisure sectors and automakers led the gains in morning trading, with each advancing more than 4%.
Shares of European Apple suppliers, such as “ASML”, “AMS” and “Infineon”, rose between 3.5% and 5% following Apple added the ability to connect to 5G networks to the iPhone S devices. .e and iPad Air were low-cost and provided a faster chip for computers.
Shares of Adidas jumped 7.6% following the German sportswear company said it expected a recovery in sales of its business in China, but warned of damage of up to 250 million euros ($273.10 million) from halting business in Russia.
Unicredit, Italy’s second-largest bank, advanced 7.4% and France’s BNP Paribas rose 7.9%, even as the two banks disclosed their exposure to Russia.
Global stock markets fell in a volatile session on Tuesday following the United States and Britain moved to ban Russian oil imports, raising fears of global inflation. The pan-European Stoxx 600 index has lost nearly 13 percent since the start of the year.
Asian stocks
Shares in mainland China, Hong Kong and Japan posted mixed declines, Wednesday, as investors continued to assess the potential economic fallout from events in Ukraine, especially following President Joe Biden said on Tuesday that the United States would ban imports of Russian oil while the United Kingdom announced plans to phase out its dependence on oil. it by the end of the year.
The Hang Seng Index in Hong Kong fell by 1.33% in followingnoon trading, the Shanghai Composite Index in mainland China decreased by 0.96%, and the Shenzhen Composite decreased by 0.981%, and the indices were down more than 3% during early trading.
Also, official data released on Wednesday showed that producer inflation in China rose in February, with the producer price index increasing by 8.8% year on year for that month; The February data came close to the 9.1% that was in January in the year’s rise, and it also came close to the expectations of analysts in a Archyde.com poll for a gain of 8.7%; Meanwhile, China’s consumer price index for February rose 0.9% year-on-year, unchanged from January’s growth and in line with expectations of a Archyde.com poll.
In Japan, the Nikkei index reversed course and closed at a 16-month low, on Wednesday, tracking the impact of the decline in Asian markets, as investors assess the impact of the worsening conflict in Eastern Europe and the new US embargo on Russian oil.
The Nikkei fell 0.3 percent to close at 24,717.53 points, its lowest since November 2020, following rising 1.1 percent earlier in the session. The broader Topix index also trimmed its gains and closed down 0.06 percent at 1758.89 points. Thus, the two indices closed down for the fourth consecutive session.
“Investors sold Japanese stocks as markets weakened in other parts of Asia,” said Takatoshi Itoshima, strategist at Pictet Asset Management.
“Investors in Europe in particular, who sought safe haven in Japanese stocks, sold their holdings as the tension surrounding Ukraine escalated,” he added.
Investors are cautious regarding the risks of inflation and a global economic slowdown in the wake of higher oil prices. US President Joe Biden imposed an immediate ban on imports of Russian oil and other energy in response to the invasion of Ukraine, in a move that might limit economic growth.
Nikkei fell under the weight of a decline in employment agency Recruit Holdings, which fell 4.46 percent, while Kikkoman soy sauce maker shares lost 6.67 percent. Shares of Fast Retailing, owner of clothing store Uniqlo, gave up early gains to close 0.66% lower.
Car maker Isuzu Motors jumped 7.91 percent, becoming the best performer over the Nikkei, followed by Fujitsu computer maker, which rose 5.54 percent. Shares of Tokyo Electric Power Co. fell 7 percent, the worst performer on the index.
(agencies)
LONDON (Archyde.com) – Crude oil prices jumped 4 percent, close to $115 a barrel, on Friday in a volatile session, as fears of disruption to Russian oil exports due to Western sanctions outweighed expectations of an increase in Iranian crude supplies in the event of a nuclear deal with Tehran. Russian forces in Ukraine seized Europe’s largest nuclear power plant in what Washington described as a “reckless” attack that threatened to cause disaster, but a fire was put out at a training building, and officials said the site was safe. The price of Brent crude jumped to 114.98 dollars a barrel during the session, and by 13.00 GMT, it was trading up 4.44 dollars, or four percent, to 114.90 dollars a barrel. US West Texas Intermediate crude rose $4.06, or 3.8 percent, to $111.73 a barrel, following touching $112.84 a barrel earlier. Oil prices recorded their highest levels in ten years this week and are heading towards achieving the strongest weekly gains since mid-2020, with US crude rising more than 21 percent and Brent crude 17 percent. It is expected that more oil supplies will be pumped into the market due to a coordinated withdrawal of oil stocks in developed countries, amounting to 60 million barrels. Japan said on Friday it plans to withdraw 7.5 million barrels of oil.