At the beginning of October 2022, good news arrived from the Asian market. The Asia-Pacific shares registered some gains as the stocks on Wall Street rallied. In Japan, the Nikkei 225 registered a gain of 2.79%. Also, the Topix index was up by 2.99%. South Korea’s Kospi registered a gain of 2.44%. The Kosdaq managed to add 2.86%. In Australia, the S&P/ASX 200 registered a gain of 3.63%. Australian stocks rose due to the steps of the central bank. The MSCI’s broadest index of Asia-Pacific shares outside Japan climbed by 1.58%.
The Dow Jones Industrial Average was standing at 29,490.89. The S&P 500 advanced by 2.6%, and it was standing at 3,678.43. The Nasdaq Composite raised 2.3%, and it was standing at 10,815.43. It was one of the best trading days for the S&P 500 and the Dow. In Australia, the unemployment rate is the lowest in the last five decades, and it is considered very good news. When problems like inflationary pressures and unemployment are controlled effectively, the growth rate often reaches impressive levels. The Japan and South Korea defense stocks climbed. Hanwha Aerospace climbed 3.9% and Korea Aerospace registered growth of 4.64%. These companies manufacture military aircraft and weapons. The Hosoya Pyro-Engineering climbed by 5% and Mitsubishi Heavy Industries also registered growth of 3.69%.
European stocks register gain as the last quarter of the year begins
The pan-European Stoxx 600 index registered a gain of 0.7%. Oil and gas stocks also managed to make some gains. The Luxembourg-based steel pipe manufacturer Tenaris managed to register 7%. The British Pound also made some gains. Sterling also registered a gain of 0.8% against the dollar. It was trading at around $1.125.
Crude oil prices continue to stay strong
The crude oil registered some jump after OPEC said it will diminish production to boost the oil price. The Organization of the Petroleum Exporting Countries is trying to balance the price of oil. The possibility that OPEC can reduce the production raised Brent-crude futures prices. The prices climbed by 4%. The crude prices fluctuated earlier this year, but now all the sectors are working with full capacity, and there is great demand for oil. So, reduction in oil production is likely to raise the cost. The Brent crude futures for December delivery made a gain of $3.72. After a gain of 4.4%, it was standing at $88.86 a barrel. The U.S. West Texas Intermediate crude climbed 5.2% or $4.14. It was standing at $83.63 a barrel. OPEC is already unable to achieve its target as countries like Angola, Nigeria and Russia are not fulfilling their targets. The Russia-Ukraine war has also affected the energy and commodity prices.