Asian Stock Market: Tracks Wall Street higher, Hang Seng up 2%

Asian stocks follow the footsteps of the Wall street price action on Thursday.
US debt ceiling, European gas supplies, and weaker commodities make traders' diaries full.
US and China agreed to a virtual summit before the year’s end.

Rekha Chauhan Independent Analyst

Asian stocks trade in green following the overnight gains on Wall Street amid progress toward the US debt ceiling resolution. Investors also remain optimistic about the reports that Washington and Beijing had agreed to hold a virtual meeting before the end of the year.

MSCI’s broadest index of Asia-pacific shares outside Japan jumped 1.25%.

The Hang Seng Index rose 2.22% following the reports that Hong kong’s private sector expands the least in three-month but marking the eighth consecutive month of expansion. Chinese Estates Holdings, a major shareholder of China Evergrande has been planning to offload its entire stake in the debt-ridden property giant.

The ASX 200 gained 1.07%, rising for the first time in the last three sessions, following the reports that curbs in Sydney will be eased further from Monday.

The Nikkei 225 rose 1.02% after Japan’s new finance minister said he will keep monetary and fiscal stimulus. The Bank of Japan (BOJ) Governor Haruhiko Kuroda said inflation to increase amid the recent rise in energy cost.

WTI dropped below $77.00 after hitting a seven-year high of $79.78 in the previous session.

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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