Bank of Japan jumpstarts Asian trading
Asian stocks jumped up on April 27. Traders were reassured by the news about Bank of Japan’s announcement of new stimulus measures aimed at helping the economy.
MSCI's Asia-Pacific index went up 1.8%. It negated most of a significant 2.6% decline that took place last week. Nikkei went up 2.6%, and Chinese blue chips gained 1%.
Following a relatively soft starting trade, E-Mini for the S&P 500 went up 0.85%. At the same time EUROSTOXX 50 futures earned 2.6%, FTSE futures gained 1.35%.
The Bank of Japan followed the market dynamic by committing to buying unlimited government bonds, as well as canceling the earlier target, which was set around 80 trillion yearly. The announcement caused growth in debt purchases of commercial, as well as corporate debt. It also made the rules about the necessary debt characteristics easier.
Meanwhile, oil prices around the world are headed for one more soft week of trading. US crude oil has been leading the fall amidst the anxiety over the lack of storage space. U.S. crude went down 11% and ended up at $15.07 per barrel, Brent crude fell 3.9% and ended up at $20.60 a barrel