On Tuesday morning (18 February, 9:35 AM, GMT+7, Bangkok time), major indices in Asia Pacific traded mixed, following Chinese President Xi Jinping’s endorsement of the private sector in the country and calls for businesses to showcase their capabilities.
Investors will be monitoring interest rate decisions from the Reserve Bank of Australia, with a forecast from Reuters predicting a 25-basis-point rate cut to 4.1%.
In Singapore, the country is set to unveil its inaugural budget under Prime Minister Lawrence Wong on Tuesday. Analysts anticipate increased aid for households and businesses in preparation for the upcoming general election scheduled for November in the city-state.
Japan’s NIKKEI added 0.29% to 39,287.7. South Korea’s KOSPI grew by 0.06% to 2,611.88, while Australia’s ASX 200 contracted by 0.51% to 8,493.2.
As for stocks in China, Shanghai’s SSEC declined by 0.28% to 3,346.4. Shenzhen’s SZI lost 0.34% to 10,754.85, while Hong Kong’s HSI expanded by 0.92% to 22,825.2.
Meanwhile, the US stock markets were closed for a public holiday.
As for commodities, oil prices surged on Monday following an assault on an oil pipeline station in the Caspian Sea, reducing oil flows from Kazakhstan. Meanwhile, investors kept a close eye on discussions surrounding a potential ceasefire agreement between Russia and Ukraine, which could potentially lead to the easing of sanctions and a rise in global oil supplies. Brent futures for April settled 48 cents or 0.63% higher to $75.22 a barrel, while the West Texas Intermediate (WTI) rose 65 cents or 0.91% to $70.74 per barrel by 2:33 p.m. EST.
WTI prices did not close at their usual time because of the U.S. Presidents’ Day holiday. The holiday resulted in subdued trading activities with comparatively lower trading volumes.
This morning, Brent futures dipped 9 cents or 0.12% to $75.13 a barrel, while the WTI gained 45 cents or 0.64% to $71.19 per barrel.
Meanwhile, gold futures climbed 0.34% to $2,910.6 per Troy ounce.
