Asian Stock Market: Nikkei soars on positive market mood, DXY turns subdued, oil eyes $85.00

Asian stocks are following the footprints of S&P500 amid soaring market mood.
Japanese investors have shrugged off uncertainty over escalating Japan-North Korea tensions.
Oil prices are marching towards $85.00 ahead of the OPEC+ meeting on production cuts.

Sagar Dua FXStreet

Markets in the Asian domain have surged firmly following the footprints of Wall Street. S&P500 displayed a stellar performance on Monday as the US dollar index (DXY) 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 BBC news.

Outside Tokyo, the Reserve Bank of Australia (RBA) hiked its Official Cash Rate (OCR) by 25 basis points (bps). As per the estimates, RBA Governor Philip Lowe was expected to hike OCR by 50 bps consecutively for the fifth time. It seems that the RBA has preferred to keep along with the growth projects along with fighting the mounting inflation.

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 rates to countries like India and China.

Nikkei 225

Overview
Today last price	26907.94
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	26907.94

Trends
Daily SMA20	27362.94
Daily SMA50	27839.7
Daily SMA100	27346.04
Daily SMA200	27282.53

Levels
Previous Daily High	26968.13
Previous Daily Low	26563.56
Previous Weekly High	26816.39
Previous Weekly Low	26200.22
Previous Monthly High	28841.53
Previous Monthly Low	26200.22
Daily Fibonacci 38.2%	26813.58
Daily Fibonacci 61.8%	26718.11
Daily Pivot Point S1	26658.29
Daily Pivot Point S2	26408.64
Daily Pivot Point S3	26253.72
Daily Pivot Point R1	27062.86
Daily Pivot Point R2	27217.78
Daily Pivot Point R3	27467.43

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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