Asian Stocks Strong on China's Trade Data, Weaker Yen & Oil Outlook
Most stocks in Asia were higher on Wednesday (13/04) supported by positive trade data from China and heightened expectation of an "oil output freeze deal" at the OPEC meeting coming Sunday in Doha. Indonesia's benchmark Jakarta Composite Index rose 0.49 percent to 4,853.00 points, a modest result compared with Japan's Nikkei 225 Index (+2.84 percent), Singapore's Strait Times Index (+2.69 percent), and China's Shanghai Composite Index (+1.42 percent).
Across Asia the latest trade from China were well received. China's exports surged by a whopping 18.7 percent (in yuan terms) in March 2016 compared with the same month one year earlier, much better than analysts' forecasts and giving rise to speculation that the economic slowdown of the world's second-largest economy is stabilizing. Meanwhile, China's imports dipped by 1.7 percent (y/y) compared to a 8 percent (y/y) decline one month earlier. Coming Friday Chinese authorities are expected to release the official Q1-2016 GDP growth figure of China.
In Singapore shares of oil rig builders surged on Wednesday after oil prices rose sharply one day earlier. Meanwhile, Japanese shares soared on the weakening yen (which had been on a seven-day gaining streak against the US dollar previously, touching a 17-month high). A weakening yen is positive for Japan's export driven economy.
On Tuesday (12/04) Brent crude oil nearly touched USD $45 per barrel, a four-month high, while West Texas Intermediate (WTI) climbed to USD $41.83 per barrel. Today, however, crude oil prices slipped around 1 percent on profit-taking as well as concerns over a larger-than-expected build in US crude stocks. But this did not lead to pessimistic views. Investors and traders keep faith in the rising trend of the oil price that started in February 2016, and specifically about a possible deal between oil producers Russia and Saudi Arabia to curtail oil production in an effort to boost prices.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 0.21 percent to IDR 13,096 per US dollar on Wednesday (13/04).
Indonesian Rupiah versus US Dollar (JISDOR):
| Source: Bank IndonesiaBahas
Silakan login atau berlangganan untuk mengomentari kolom ini