The recent visit of US House Speaker Nancy Pelosi brought a political storm in Asia. The shares of Asia-Pacific traded much higher, and investors are closely watching the actions of China. Taiwan is a major producer of sophisticated products. Taiwan's Taiex registered a gain of 2.27%, and it reached 15,036.04. The chipmaker TSMC rose by 3.2%. Due to Nancy Pelosi's trip to Taiwan, the relations between China and the USA have deteriorated rapidly. China has registered a very strong protest against this trip. Some countries such as Japan were concerned about China's military drills as it could affect peace and stability in the region. However, Asian markets were in a robust position.
The Topix index rose by 0.85% and touched the figure of 1,947.17. The Nikkei 225 in Japan climbed 0.87% and touched 28,175.87. Also, MSCI’s broadest index of Asia-Pacific shares outside Japan managed to climb by 0.92%. Australia’s S&P/ASX 200 rose by 0.58%, and it reached 7,015.6. Australia's 10-year yield made a gain of 12 basis points, and it was standing at 3.20%. In many markets, the investors are closely monitoring the level of inflation so as to take their next steps. In South Korea, the Kospi managed to rise by 0.72%, and it touched 2,490.8 and the Kosdaq climbed 0.79%. It touched the figure of 831.64. Hong Kong's Hang Seng index rose by 0.15%. In Mainland China, the markets touched high spots, and they were led by tech stocks. The Shenzhen Component rose by 1.69%, and it reached 12, 269.21. Similarly, the Shanghai Composite rose by 1.19%, and it reached 3,227.03.
In Europe, the British financial services company, Hargreaves Lansdown performed well on the Stoxx 600. It managed to add 5% and the Deutsche Post also managed to rise after beating the profit expectations. The Deutsche Post managed to add 4%. After analyzing the French industrial output, it is apparently visible that it is rising. The European economies are in a stable condition despite struggling with the energy crisis. The European futures also hinted at the possibility of modest gains. The Euro was standing at $1.0183. Many investors also monitor the job reports in the USA. This gives them a clear idea about the condition of the US economy.
In order to control the oil prices, many countries are trying to accelerate their oil production. The United States urged OPEC countries to pump more oil so as to control the prices. If there is an increase in oil production, it will come from the UAE, Saudi Arabia and Kuwait. However, experts believe that the demand for oil will control the prices.