New wave of market optimism drives Asian stocks up
Asian stocks were driven up by S&P 500 futures on May 18. Oil prices reached a new peak, as economic reopenings reignited hopes once again.
MSCI’s Asia-Pacific index gained 0.1%. Nikkei added 0.5% and CSI300 earned 0.5%.
The positive development was not stopped by the latest data on Japan’s economy. According to the report, the country’s GDP contracted in the first months of 2020 as in headed for the steepest downturn since the end of WWII.
E-Mini futures for the S&P 500 also ignored negative prospects and earned 1.1%. The growth took place despite the fact that retailers in the United States are expected to demonstrate a very underwhelming reading.
Meanwhile, oil prices went up, following a growing demand. As the travel limitations around the world are are being lifted, the fuel is needed once again. Brent crude gained US$1.08 and reached US$33.58. US crude added US$1.27 and reached US$30.70 per barrel.