WTI - Asia-Pacific markets largely rise as investors digest factory data oil surges

2023-04-03 02:14:26 ET

Japan +0.52% . Japan Jibun / S&P Global Manufacturing PMI March 2023: 49.2 (prior 47.7).

Bank of Japan Q1 Tankan survey shows a small rise in inflation expectations.

China Market closed. China Caixin / S&P Global Manufacturing PMI for March 50.0 (51.7 expected).

Hong Kong -0.61% .

Australia +0.48% . Australia housing finance data for February: Home loans -0.9% m/m vs. -1.8% expected.

Australia February building permits +4.0% m/m (vs. expected -2.6%).

Australia March monthly inflation 0.3% m/m (prior 0.4%) - private survey CPI from TD/MI.

Australia March manufacturing PMI 49.1 (prior 50.5).

India -0.22%.

Friday in the U.S., major US stock indices rose Friday after the Federal Reserve’s preferred inflation gauge showed a cooler-than-expected increase in prices . The tech-heavy Nasdaq Composite ended up 1.74% at 12,221.91 points. The benchmark S&P 500 was higher by 1.44% to close at 4,109.31 points, while the blue-chip Dow added 1.26% to settle at 33,274.15 points.

Economic data showed that the core personal consumption expenditures index - the Fed's preferred gauge of inflation - gained +0.3% in February, slower than the +0.6% rise in January. On a Y/Y basis, core PCE came in at 4.6%, slightly lower than the forecasted 4.7% level.

South Korea’s purchasing managers index in March fell to 47.6 compared to 48.5 in February, its steepest contraction in six months.

Oil futures surged as much as 8% at the open after OPEC+ members announced to cut a total of more than 1 million barrels per day to extend through the end of 2023. Crude oil surges more than $5/bbl after surprise OPEC+ production cut.

Brent crude futures last rose 5.98% to $84.67 a barrel and U.S. West Texas Intermediate crude futures ( WTI ) jumped 6.04% to $80.24 a barrel.

US futures mostly lower. Dow Jones flat; S&P 500 -0.32% ; Nasdaq -0.66%.

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