Nikkei record, oil rate, OPEC+

Nikkei record, oil price, OPEC+

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An electronic stock board showed outside a securities company in Tokyo, Japan, on Monday, March 4,2024

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Japan’s Nikkei 225 closed above the 40,000 mark on Monday to set a brand-new record high after the S&P500 and the Nasdaq Composite struck fresh all-time highs on Friday.

The index ended 0.5% greater at 40,10923, while the wider Topix fell 0.12%, pulling away from its all-time high hit on Friday.

The CSI 300 closed 0.1% greater at 3,54087, with financiers concentrated on China’s “Two Sessions” conferences. Hong Kong’s Hang Seng index fell 0.23%.

The “Two Sessions” describe the concurrent yearly conferences of China’s legislature, the National People’s Congress, and the nation’s leading political advisory body, the Chinese People’s Political Consultative Conference.

At the conferences, China premier Li Qiang is anticipated to provide the federal government’s work report, which information financial and policy objectives for the world’s second-largest economy, including its gdp development target.

India’s Nifty 50 increased 0.1%– led by energy stocks– to a brand-new record for the 3rd straight day.

South Korea’s Kospi increased 1.21% to end at 2,67427, while the little cap Kosdaq was up 1.16% to end up at 872.97 South Korean markets returned for trading after a vacation.

Australia’s S&P/ ASX 200 ended 0.13% lower at 7,73580, after striking an all-time closing high of 7,7456 on Friday.

On the products front, oil rates increased somewhat, with West Texas Intermediate crude rates quickly crossing the $80 mark for the very first time in 4 months as oil heavyweights Saudi Arabia and Russia, together with other essential OPEC+ manufacturers, stated they would extend voluntary unrefined supply cuts till completion of the 2nd quarter.

On Friday in the U.S., the tech-heavy Nasdaq advanced 1.14% to 16,27494, notching a brand-new high of 16,30224 throughout the session. A day previously, the index closed at its very first record because November 2021.

The S&P 500 included 0.80% to 5,13708 for its very first close above the 5,100 limit, while the Dow Jones Industrial Average got 0.23%.

— CNBC’s Sarah Min and Alex Harring added to this report