Asian Stock Market: Indices display rough recovery firmer market mood, oil advances, US CPI eyed

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Asian Stock Market: Indices display rough recovery firmer market mood, oil advances, US CPI eyed – by Sagar_Dua24 Asia Inflation Oil SP500 Coronavirus

ugging off uncertainty ahead of the United States Consumer Price Index data, which will release on Tuesday.At the press time, Japan’s Nikkei225 gained 0.31%, ChinaA50 added 0.38% and Hang Seng jumped 0.93%.

S&P500 displayed a solid recovery on Monday as the street is expecting a further slowdown in the US inflation data. The odds for a decline in inflation have been cemented by a significant drop in US data. A sheer decline in prices of goods at the factory gate has trimmed consensus for inflationary pressures.

The headline inflation is expected to drop to 7.3% while the core CPI that excludes oil and food prices is seen lower at 6.1%. Analysts at JP Morgan Chase & Co. have cited that a soft reading in US CPI data could spark a powerful rally in US equities. The 500-stock basket of the United States could rally up to 10% if headline inflation drops to 6.9% or lower, as reported by Bloomberg.

Meanwhile, further ease in lockdown restrictions in China is expected to bring a recovery in Chinese equities ahead. The rollback of restrictions on the movement of men, materials, and machines has brought optimism to the second-largest economy. In a note from banking giant Morgan Stanley, chief China equity strategist Laura Wang wrote, “Multiple positive developments alongside a clear path set toward reopening warrant an upgrade and index target increases for China.

On the oil front, the supply crisis in the US led by a shutdown of the main pipeline that passes oil has triggered the risk of

 

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