Asian Stock Market: Trades mostly green on cautious optimism, WTI soars

• Asian stocks track Wall Street previous week’s action and opened on a higher note.
• Risk seniment improves on contained China’s group Evergrande default risk, oil jumped to three-year highs fuels inflation concerns. 
• China warns of accelerating military efforts in response to the US-Australia submarine deal.

Asian shares took a cautious start on Monday following Wall Street higher price action on Friday. Investors remain cautious as oil prices skyrocketed near to their three-year highs fueling the inflation fears and aggravating the recent hawkish tone by major central banks.

Crude oil prices soared on supply-chain disruptions that forced energy companies to pull large amounts of crude out of stockpiles coupled with shortage of natural gas in Europe that pushed costs up across the old continent.

WTI is trading near $75.00 with 1.23% gains on Monday.

MSCI’s broadest index of Asia-pacific shares outside Japan rose 0.5% on Monday followed by three consecutive weeks of losses.

The Shanghai Composite Index declined 0.16%, down for the second straight session, after the debt-ridden China Evergrande missed interest payment deadline without any notification. The risk appetite was also hurted after the PBoC banned cryptocurrencies on Friday, calling all digital currencies doubtful.

Japan’s Nikkei 225 rose 0.21% on the improved local COVID-19 situation.The state of emergency is set to end at the end of the month. The ASX 200 rose 0.57% on Monday after losing 0.8% in the previous week.