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Investors continued to process important regional manufacturing data on Monday, which led to a significant rise in Asia-Pacific markets.

After OPEC+ members agreed to cut more than 1 million barrels per day for an extended period of time through the end of 2023, Brent crude futures and U.S. West Texas Intermediate crude futures (WTI) both experienced increases of as much as 8%.

The S&P/ASX 200 in Australia gained 0.63 percent to end the day at 7,223, while the Nikkei 225 in Japan gained 0.5 percent to end the day at 28,188.15 and the Topix gained 0.51 percent to end the day at 2,017.68.

The Kosdad closed 0.88 percent higher at 854.96, while the Kospi closed 0.22 percent lower at 2,472.34.

The Shenzhen Component rose 1.39 percent to 11,889.42 and the Shanghai Composite rose 0.74 percent to 3,296.4 throughout the day, respectively.

In contrast, the Hang Seng index lost 0.14 percent, while the Hang Seng Tech index lost 0.4% more.

In the past five months, Japan’s factory activity has shown a softer contraction. The assembling buying supervisors list rose to 49.2% for Spring, higher than February’s figure of 47.7%, in light of a confidential overview.

United States

Despite an oil output cut from OPEC+ that threatens to stoke inflation and recession fears, Wall Street showed resilience on Monday, boosting the Dow Jones Industrial Average by more than 300 points.

To finish at 33,601.15, the Dow gained 327 points, or 0.98 percent. The S&P 500 gained 0.37 percent to finish at 4,124.51. Both indexes recorded their fourth positive session. The Nasdaq Composite fell 0.27 percent to 12,189.45 at the end of the session.

After the Federal Reserve’s preferred inflation gauge revealed a price increase that was less than anticipated, U.S. stocks rose on Friday.

The core personal consumption expenditures index, which does not include costs for energy or food, increased in February by 0.3 percent rather than the expected 0.4 percent. The Nasdaq Composite made the biggest gains of any of the three major US indexes, closing higher by 1.74 percent.


Monday’s surprise output cut by OPEC+ rekindled fears of prolonged inflation and triggered uncertainty about the central bank’s response, boosting gold’s appeal as a safe-haven asset by 1%.

Last week, spot gold gained 0.83 percent to $1,984.29 per ounce. At $2,000.40, U.S. gold futures closed 0.7% higher.

The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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