The US inflation figures were far more stable than market expectations, and this added a boost to Asian shares. Many factors influence the share market sentiments and the condition of the commodity prices. The status of the oil market is also a key factor that influences market sentiments. The market strategists are continuously watching the Russia-Ukraine conflict because this war is affecting world peace and financial markets. MSCI’s broadest index of Asia-Pacific shares outside Japan made a gain of 0.5%. It was also seen that Japan's Nikkei rose by 1.54%. The S&P 500 futures rose by 0.2%. Also, in the Asia trade, Nasdaq futures rose by 0.57%.
Russia and Ukraine are major suppliers of different types of commodities. Different types of agricultural commodities are supplied by Ukraine. The corn futures climbed to the one-month high peak and the wheat futures also touched the highest point in three weeks. Recently, the Russia-Ukraine war raised the cost of gasoline. The market experts also monitor the inflation data because it influences the stock market and its sessions. The yield on 10-year Treasury notes stood at the figure of 2.7498%. The equity markets succeeded in registering gains as the oil market rose above the $100 barrel.
The spot gold rose by 0.1%, and it was standing at $1,968 an ounce. The New Zealand dollar rose by 0.33%, and it was standing at $0.6873. The gain was registered after the interest rates rose by a chunky 50 basis points. There are certainly earning sessions in the stock market, and the investors eagerly wait for those sessions. Many major banks such as Morgan Stanley (MS), Wells Fargo & Co, (WFC), and Goldman Sachs Group Inc.(GS) reported that earnings in the last week had mixed results.
The Ukraine crisis is enhancing the oil supply concerns
The oil prices rose due to supply concerns as Ukraine is still occupied in the conflict. The Brent futures made a gain of $ 1.50 or 1.3%. It was standing at $113.20 a barrel. The US West Texas Intermediate futures made a gain of 0.9% or 98 cents, and it was standing at $107.93 a barrel. When there is a tight supply, the oil prices grow almost automatically. As the crisis in Ukraine continues to expand, the top exporter of several commodities, Russia, is likely to face more sanctions. Some European Union members are proposing to ban Russian crude, but Germany is not in favor of any such embargo. The reduced supply of oil from a major supplier like Russia is likely to enhance the prices. The OPEC report clearly states that the output has risen by 57,000 barrels per day.