Asian Stocks higher after gains in European markets

Syed Umarullah HussainiWeb Editor

29th Sep, 2020. 09:28 am
Asian Stocks

The Asian Stock Market on Tuesday witnessed a higher trend after an overnight rally in the European market, however, investors remained cautious before the first direct debate between US President Donald Trump and presidential candidate Joe Biden set to take place today.

According to the details, the benchmark S&P/ASX 200 Index added 36.20 points or 0.61 percent to 5,988.50, after touching a high of 5,995.40 earlier.

The broader All Ordinaries Index is up 40.20 points or 0.66 percent to 6,175.10.

Moreover, the Australian stocks closed lower in turbulent trading on Monday.

Hong Kong’s criteria Hang Seng climbed up 0.5 percent while China’s CSI 300 index of Shanghai- and Shenzhen- noted stocks increased 0.3 percent.

The Sensex was trading 162 points higher at 38,143 while the Nifty rose 61 points to 11,288. Broader markets also rose with Nifty Midcap and Nifty Smallcap indices up 0.6 percent and 1 percent, respectively.

Brent Crude

Oil prices rose 1 percent in Tuesday trade. Brent crude settled at $42.43 a barrel, up 51 cents, or 1.22%. U.S. West Texas Intermediate settled at $40.60 a barrel, rising 35 cents, or 0.87%.

On the other hand, Energy Minister of Russia Alexander Novak said that the global oil market had been witnessing stability for the past few months.

However, he warned of the risks of the second wave of COVID-19 cases.

Despite efforts by the Organization of the Petroleum Exporting Countries and its allies to limit output, more crude is being exported from OPEC producers Iran and Libya.

OPEC Secretary-General Mohammad Barkindo said that commercial oil inventories in OECD (Organisation for Economic Co-operation and Development) countries should stand only slightly above the five-year average in the first quarter of 2021, then fall for the rest of the year.

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