Asian Stocks Pare Yesterday’s Gains But Crude Stays Bullish

Asian stocks dropped, snapping a three-day advance in the regional index as Japanese shares slipped following yesterday’s surge. Crude oil extended gains from a four-month high before stockpiles data while silver retreated after its longest rally in at least 45 years.

The MSCI Asia Pacific Index lost 0.2 percent by 9:21 a.m. in Tokyo as Japan’s Topix Index fell 0.6 percent after climbing the most in five months yesterday. Standard & Poor’s 500 Index (SPX) futures lost 0.2 percent after most stocks rose in New York. West Texas Intermediate oil added 0.7 percent in a second day of gains while silver slipped 0.4 percent following a 13-day rally. The South Korean won and Thai baht weakened versus the dollar.

Minutes of the Federal Reserve’s January meeting are due today, after homebuilder confidence and New York manufacturing data trailed estimates. Malaysia posts inflation while in Thailand, four people were killed and others injured as anti-government protesters tussled with police in Bangkok. Snow in the U.S. Northeast has bolstered demand for heating and analysts predict a report tomorrow will show supplies at Cushing, Oklahoma, the biggest U.S. oil-storage hub, fell a third week.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze

centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu