Asian markets trade higher; Oil prices gain

China stock markets are closed on Monday for a holiday.

Oct 05, 2020 10:10 IST India Infoline News Service

Asian markets were trading higher in afternoon trade on Monday led by the surge in Dow futures accompanied by positive data from the Japanese economy.

Shares in Australia led gains among the region’s major markets, with the S&P/ASX 200 up about 2.4%, Hong Kong’s Hang Seng index rose 1.46%, the Nikkei 225 rose 1.21%, the Topix index gained 1.7% and South Korea’s Kospi added 1.28%.

China stock markets are closed on Monday for a holiday.

Meanwhile, oil prices saw a strong rebound today following a Friday drop as investors continue to watch for developments on US President Donald Trump’s health after he tested positive for the coronavirus last week. The US President was transferred to the Walter Reed National Military Medical Center on Friday after he was given antiviral drug remdesivir.

Further, the media reports added that OPEC+ members are also slowly boosting output after historic cuts to prop up prices, while in the US, drillers are returning more rigs to fields.

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