Asian stocks bounce in tandem with Oil

Most major Asian indices are seen making minor-recovery attempts and inch higher on the final trading day of the week, although remains poised to book fourth weekly drop in a row, the worst losing streak since September.

A bounce in the commodities’ prices, especially oil, boosts the resource and energy stocks and therefore, aids the recovery in the Asian markets. Further, yen’s weakness across the board also offers support to the Japanese stocks.

Meanwhile, markets continue to assess Fed’s June rate hike calls and the subsequent impact on the global growth outlook.

Nikkei 225 & ASX 200 bounce, China stocks waver

The Japanese benchmark index, the Nikkei 225 trades +0.20% at 16,675 points, while USD/JPY remains in a flat-lining near110 handle. Australia’s ASX 200 index advances +0.36% to 5,342 points, underpinned by the resource stocks.

While the Chinese equities fluctuate between gains and losses, with the benchmark Shanghai Composite index modestly flat just above 2,800 mark, the CSI300 index also trades muted around 3,060, while Hong Kong’s Hang Seng gains +0.80% to 19,850 levels.