Stocks closed mixed in Asia weighing on Beijing’s push on infrastructure spending to stimulate the pandemic hit economy while took toll on global economy as well.
Shares in Mainland China rose 2.94% while Hong Kong closed moderately. South Korea, Thailand and Japan closed inching down marginally. The MSCI Asian Index ex Japan is higher by 0.12%.
U.S. future S&P 500 and Nasdaq 100 contracts rose as much as 1%, pointing to calmer sentiment. Treasuries retreated but the 10-year yield, at about 2.76%, remains lower for the week.
Moscow made a threat halt gas supplies to continues that refuse President Vladimir Putin’s new demand to pay for the fuel in roubles.
Earlier the European Union rejected the demand in principle but now payment deadlines are starting to fall due, governments across Europe need to decide whether to accept Putin’s terms or lose crucial supplies – and run the risk of energy rationing.
Crude oil WTI topped $102 while Brent topped $105 on renewed geopolitical tension and demand outlook from China.
Oil topped $102 a barrel amid the tension. Fears that the Fed would tip the world’s largest economy into a recession have plagued markets all week, all while activity slows in China as Covid lockdowns bite.