European and Asian markets climb, oil clings to a strong position

As September 2022 is inching to its end, the shares in the Asia-Pacific managed to stabilize. Hong Kong’s Hang Seng index managed to register a gain of 0.91% and the Hang Seng tech index climbed 2%. In mainland China, the Shanghai Composite made a gain of 0.51%, and the Shenzhen Component also enhanced by 0.58%. Japan’s Nikkei 225 registered a gain of 0.34% after it returned to trade following a holiday. The Japanese yen also strengthened and was standing at 142.96 per dollar. The Topix also managed to rise by 0.37%. In Australia, the S&P/ASX 200 registered a gain of 1%. In South Korea, the Kospi registered a gain of 0.37%, and the Kosdaq was up by 1.04%. It is important to note that the MSCI’s broadest index of Asia-Pacific shares registered a gain of 0.71%.

Smart investors regularly monitor other aspects such as interest rates and inflation in order to make the correct decision. The data of inflation and job reports also helps the government as well as other authorities to make key decisions. The People’s Bank of China did not change its one-year and five-year loan prime rates (LPR). The Dow Jones Industrial Average managed to rise 0.64% or 197.26 points higher. It was standing at 31,019.68. Similarly, the S&P 500 registered a jump of 0.69%. It was standing at 3,899.89. The Nasdaq Composite registered a gain of 0.76%, and it went to 11,535.02. The 10-year Treasury yield jumped by more than 3.5% which is its highest level since 2011.

The European markets closed at higher positions

The European market managed to stabilize. Germany's DAX registered a gain of 0.7% and Italy's FTSE MIB was up by 0.3%. Spain’s IBEX 35 also registered a gain of 0.3% The German arms manufacturer Rheinmetall registered a gain of 3.7% after it secured an order for special vehicles that is to be supplied to the German armed forces. The shares of Porsche also climbed by 3%.

Oil prices hold strong position due to supply concerns

Oil prices continue to hold a very strong position as there are concerns regarding tight supply. The global demand for oil is also increasing as many sectors are working in full swing. The Brent crude for November managed to rise by 0.7% or 65 cents. It was standing at $92 a barrel. The U.S. West Texas Intermediate (WTI) for October also climbed 62 cents, standing at $85.73 per barrel or 0.7%. As per the internal documents of the OPEC+, the organization could not achieve its oil production target. The crude has been soaring this year, and in March it was as high as $147. The Russian invasion of Ukraine has also brought supply concerns. Moreover, economic growth and demand have also played a role in strengthening oil prices. The condition of the US dollar also affects the price of oil.

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