Markets of Asia-Pacific and Europe witness stability, oil prices make gains
The Asia-Pacific markets were in a strong position as Alibabaâ€™s Hong Kong-listed shares registered a gain. The Chinese tech giant made a major announcement that it is intending to split into various business groups. Hong Kongâ€™s Hang Seng index rose by 1.89%, and the Hang Seng Tech index registered by 2.79%. It was Alibaba that led the gains as its shares made a massive jump of 15% at the opening. The Mainland Chinese markets also climbed, and the Shenzhen Component rose by 0.27%. In Australia, the S&P/ASX 200 was up by 0.16%. Australiaâ€™s Macquarie Group registered growth of 1.5%. National Australia Bank, Westpac and Commonwealth Bank of Australia also made gains.
In Japan, the Nikkei 225 climbed 0.58% and the Topix made a gain of 0.69%. The growth was also registered by Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group. The Kosdaq index registered a gain of 0.43%. It is being believed that the Chinese government is providing necessary support for the private sector. As per financial experts, the Chinese economy is growing at impressive speed and the government is also introducing new policies to support the private sector.
European stock market witness stability
As all the sectors are working in full swing and investors are optimistic, European stock markets are showing signs of stability. The banks such as UBS and Credit Suisse are in a strong condition. The policymakers are also analyzing the situation. Apart from banks, other sectors were also in stable condition. The mining stocks registered growth of 1.4% and the oil and gas sector rose by 1.8%. The Portuguese energy corporation Galp Energia rose by 3%. The Scotland-based oil and gas company Harbour Energy registered a gain of 3.1%. The shares of hydrocarbon exploration and production company, Energean registered massive growth of 8.5%.
The crude oil prices continue to rise
The Brent crude futures were at $78.65 per barrel. It registered growth of 0.7% and 53 cents. The West Texas Intermediate US crude was at $73.20 per barrel. It registered growth of 0.5% or 39 cents. As Iraq was forced to halt oil exports from the Northern Kurdistan region, the oil prices rose. If there is a supply disruption, the oil prices are likely to rise. It is well-known that the condition of the US dollar also affects crude oil prices. It is expected that in 2023, Chinese crude oil import is likely to rise massively by 6.2%. It is likely to touch 540 million tonnes. Russia is also focusing on increasing oil exports to friendly nations.
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