The dollar dropped ahead of the release of U.S. non-farm jobs statistics, and Asian markets cautiously increase on Thursday. Oil prices rose for a fourth day as a result of significant production cutbacks promised by OPEC+ members.
Early Asian trading saw a 0.4% increase in MSCI’s broadest index of Asia-Pacific equities outside of Japan as U.S. futures advanced. Following a 13% decline in September, the index is up 4% this week.
The Nikkei market index in Japan increased by 0.7% to reach its highest level since September, South Korea gained 1.2%, and Australia gained 0.1%. The Hang Seng index in Hong Kong, on the other hand, decreased by 0.5%.
Building on a late rally in US markets that helped contain early losses, the S&P 500 futures increased by 0.6%, while the Nasdaq futures increased by 0.9%. Wednesday saw a 0.20% decline in the S&P 500 and a 0.25% decline in the Nasdaq Composite.
Due to holidays, markets in Mainland China are still closed. The Organization of Petroleum Exporting Countries and its allies decided to reduce oil production by the greatest amount since the start of the COVID-19 crisis, reducing supply in a market that was already constrained. As a result, the Refinitiv Asia Energy index increased by 0.7%.
The price of oil increased for the fourth day in a row, reaching its highest level since mid-September. West Texas Intermediate (WTI) crude futures in the United States increased by 0.6% to $88.26 per barrel, while Brent crude futures increased by 0.6% to $93.9 a barrel.
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