Asian stock gained today diverting away from inflation fears today to hopes for Chinese government to scale back on regulatory crackdowns.
President Xi Jinping delivered his first doctrine on Communist Party’s history by a Chinese leader in 40 years which gave him the mandate to rule for lifetime. There are hopes regulatory crackdown measures might see softer approach with Goldman Sachs Group Inc. iterated brighter outlook on China citing softer regulations.
South Korean bourse lead gains in Asia today as tech index tracked gains in the U.S. semiconductor stocks.
The MSCI Asia Pacific Index rose 0.8% and the MSCI Emerging Market Index rose 0.4%.
U.S. futures Dow Jones, S&P 500 and Nasdaq 100 inched up 0.11%, 0.09%, 0.18% respectively.
The dollar rallied despite concerns voiced by U.S. that Russia might potentially invade Ukraine.
The yield on 10- year treasury advanced one basis point to 1.56%.
Oil slipped with WTI inched down to $80.45 slipping by 1.40% and Brent crude oil inched down by 1.11% to $81.95.
Bitcoin slid in 24 hours session according to Coinmarketcap to $63,760 down by 2.29% while Ethereum pared rally sliding down to $4,614 down by 2.06%.
*Note: Index and price quotes are as of Thailand time 17:15 +/- hours.
