Oil Prices Extend Gains To Second Day
Oil prices extended gains in Asia session as conflicting stance regarding trade talks between the US and China, Russia-Ukraine tension, and probability of a supply increase from Organization of Petroleum Exporting Countries and allies weighed on investors’ sentiment. Further, a decline in the dollar index supported the price.
The brent crude was trading 0.23% higher at $66.70 a barrel as of 8:16 a.m.
Asia Market Update: Nikkei 225 Up Over 1%; TAIEX Rises Over 4%
Asia-Pacific markets extended rally on Friday with the Japan’s benchmark Nikkei 225 and TAIEX trading 1.36% and 2.42% higher, respectively. US Treasury Secretary Scott Bessent said that the US will reach agreement of understanding on trade soon.
Moreover, US Federal Reserve officials’ comments gave hopes for rate cuts. Fed Governor Christopher Waller said that he would support the rate cuts in case high tariffs’ impact on US economy affects job market in an interview to Bloomberg. Fed Cleveland President Beth Hammock said that the central bank move on rates early if it’s get clear sign about economy’s direction.
Taiwan’s premier proposed special budget with $10 billion spending to deal with the impact of US tariffs, Reuters reported. US imposed 32% tariff on Taiwan. This supported the country’s benchmark to rally.
US Market Update: Share Indices End Higher On Positive Talks Over Trade
US share indices ended higher on Thursday as Trump administration indicated that the country will likely sign deal with key trade partners soon. President Donald Trump said that talks are going on with China, however, the latter denied of having ongoing negotiation.
The Dow Jones Industrial Average and S&P 500 ended 1.23% and 2.03% higher, respectively. The Nasdaq Composite ended 2.74% higher.
GIFT Nifty Above 24,500; Axis Bank, Tech Mahindra, RIL Share Prices In Focus
The GIFT Nifty The GIFT Nifty was trading 0.05% or 12.50 points higher at 24,534.00 as of 6:41 a.m., signalling muted-to-higher start for the Nifty 50.
Axis Bank Ltd. and Tech Mahindra Ltd. reported higher than expected net profit for January and March period. Macrotech Developers Ltd., Mphasis Ltd., and Indian Energy Exchange Ltd. reported positive growth in its net profit for the fourth quarter. L&T Technology Services Ltd., Tanla Platform, and Aavas Financiers reported lower profit. The share prices of these companies may react because of the fourth quarter results.
The NSE Nifty 50 and BSE Sensex snapped a seven-day winning streak on Thursday, ahead of the earnings announcement from Axis Bank Ltd., and L&T Technology Service Ltd. ICICI Bank Ltd. and Bharti Airtel Ltd. share prices dragged the benchmark the most.
The Nifty 50 ended 82.25 points, or 0.34% down at 24,246.70, and the Sensex ended 315.06 points, or 0.39% lower at 79,801.43.
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