Asia Pacific Markets Rise as Investors Are Hopeful for ECB’s Rate Cuts

On Thursday morning (6 June, 9:33 AM, GMT+7, Bangkok time), most indices in Asia Pacific increased as markets received a positive sentiment from hopes for rate cuts by the European Central Bank (ECB).


Japan’s NIKKEI rose by 1.12% to 38,921.58. South Korea’s KOSPI grew by 1.03% to 2,689.5, and Australia’s ASX 200 surged by 0.78% to 7,829.9.

As for stocks in China, Shanghai’s SSEC slid by 0.24% to 3,058.09. Shenzhen’s SZI lost 0.24% to 9,370.91, while Hong Kong’s HSI climbed by 0.36% to 18,492.04.


Meanwhile, the US stock markets edged up on Wednesday as the Dow Jones Industrial Average (DJIA) grew by 0.25% to 38,807.33. NASDAQ jumped by 1.96% to 17,187.9, and S&P 500 increased by 1.18% to 5,354.03. VIX slumped by 4.03% to 12.63.


As for commodities, oil prices settled higher on Wednesday after eight OPEC+ members agreed to gradually phase out production cuts and triggered a selloff by traders, while Warren Patterson, head of commodities strategy at ING, stated that the selloff was overdone since OPEC+ would not start increasing production until October. Brent futures increased 89 cents or 1.15% to $78.41 a barrel, and the West Texas Intermediate (WTI) gained 82 cents or 1.12% to $74.07.

This morning, Brent futures rose 32 cents or 0.41% to $78.73 a barrel, and the WTI surged 42 cents or 0.57% to $74.49 per barrel.

Meanwhile, gold futures climbed by 0.51% to $2,387.7 per Troy ounce.