Asian stock exchanges show a decline, oil prices are rising

The agreement between Russia and OPEC has encouraged the oil market.

Asian stock indexes on Monday showed a negative trend ahead of the publication of data on the earnings of American corporate giants, which will give an idea of the extent of damage to the economy as a result of the coronavirus pandemic.

Japan’s Nikkei index lost 2.3 percent by the close of trading, while indexes in Shanghai and Taipei averaged half a percent.

Financial markets in Hong Kong, Australia and several other countries in the region are closed due to Easter.

Exchanges in London, Paris, and Frankfurt are also closed on Monday due to the holiday.

US futures are also showing a decline ahead of the opening of trading on Monday, with futures for the S&P, Dow Jones and Nasdaq losing more than 1.3 percent.

Meanwhile, the oil markets are seeing growth after reaching a historic agreement between OPEC and Russia to cut production by almost 10 million barrels a day to support prices that have collapsed due to falling demand amid a pandemic and a price war between Russia and Saudi Arabia.

US crude oil is trading 3 percent higher at $ 23 a barrel, and benchmark Brent crude is up about 2.7 percent at $ 32 a barrel

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor