Solid performance in the U.S. stock market on Monday and overnight helped push Asian stocks to one-week highs on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside of Japan rose 1.3 percent, following Australian shares which also gained 1.3 percent. Hong Kong shares rose 1.3 percent as well, while Korean shares enjoyed a 0.9 percent gain. Japanese stocks closed higher to secure a five-day winning streak, despite the strong earthquake that rocked the country earlier in the day. European stocks are expected to open higher as well.
Oil Prices Follow Suit
U.S. WTI was up 1.4 percent to $48.93 per barrel during Tuesday’s Asian session as expectation for a production cut grew stronger in advance of next week’s OPEC meeting. Oil prices hit a three-week high on Monday after Russian President Vladimir Putin confirmed his hopes for the OPEC meeting. International Brent crude oil futures gained 1.5 percent to hit $49.58 per barrel after briefly hitting $50 per barrel.
Currency Market Fluctuations
Though it remains up nearly 5 percent since Trump’s presidential victory, the dollar consolidated slightly on Tuesday. A new Credit Suisse report revealed that Britain is $1.5 trillion worse off since Brexit, after losing 16 percent value in the pound. Both currency and stock trading is expected to remain relatively thin through the weekend due to Japan’s Labor Thanksgiving holiday on Wednesday which will keep markets closed, and the U.S. Thanksgiving on Thursday. Traders are also standing to the side as they watch and wait for Donald Trump to make his next move. He has already announced that he will use his first day in office to withdraw the U.S. from the Trans-Pacific Trade Partnership, a 12-nation deal that was confirmed by President Obama earlier this year but has yet to begin activity.