- Asian stocks soared as the Nikkei 225 eased 0.65%.
- Signs of inflation rate exhaustion encouraged perceived risk assets.
- Oil prices rose above $90.00 despite a buildup in oil inventories last week.
Markets in the Asian domain jumped sharply as investors’ risk appetite improved significantly after a soft landing in the US consumer price index (CPI) on Wednesday. US equities remained bullish after the US Bureau of Labor Statistics reported a simple inflation rate of 8.5% on an annual basis, below the already lower consensus of 8.7%. Meanwhile, Core CPI which does not inculcate food and oil price volatility remained unchanged at 5.9%.
At press time, the Chinese A50 jumped 1.40%, the Hang Seng jumped 1.90%, Nifty50 gained 0.80% and the Japanese Nikkei 225 fell 0.65%.
Market participants were cautious as the Federal Reserve (Fed) was expected to remain tough on interest rates following the release of the bullish US Nonfarm Payrolls (NFP). Well, the hawkish bets are still not down as the Fed still has a long way to go to reach the neutral rate. But signs of running out of inflation have encouraged risk-sensitive currencies.
Meanwhile, the US Dollar Index (DXY) is facing barricades around 105.40, and bearish movement could resume as the lower inflation rate has not only reduced the chances of a prolonged hawkish stance , but also reduced fears of recession.
Oil prices quickly broke through the psychological resistance of $90.00 as recession fears faded. This could be a setback, as the Energy Information Administration (EIA) reported a decent buildup in oil inventories last week. EIA oil inventories landed higher at 5.458 million barrels than the previous release of 4.467 million barrels.
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