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Asia stocks are generally low. Oil prices are rising

TOKYO (AP) – Asian stocks were generally flat on Monday, despite hopes of a gradual global recovery after the US stimulus package was passed by the Senate over the weekend.

Large sales of shares in technology companies helped lower the bar in profit aponia հետո after initial gains in South Korea. The Shanghai Composite Index fell 2.3% after the Chinese Foreign Minister made ominous comments about the self-governing island of Taiwan.

Japan Nikonia’s Nikkei 225 fell 0.4% to 28,743.25. Australia’s S & P / ASX 200 was up 0.4% at 6,739.60 and South Korea’s Kospi was down 1.0% at 2,995.90. The Hong Kong Hang Seng fell 1.5% to 28,661.49 and the Shanghai Composite to 3423.02.

Chinese computer chip maker SMIC fell 5.2%; mobile phone maker Xiaomi lost 7.8%; Japanese technology giant SoftBank lost 2.4%, while printer Ricoh lost 6.3%.

Oil prices rose to a higher level, exceeding $ 70 a barrel of Brent crude oil after OPEC decided to cancel production cuts. Oil prices rose last week after Yemeni rebels said they had attacked a Saudi oil refinery.

During the annual press conference of the National People’s Congress of China, at an annual press conference, Foreign Minister Wang Yin Biden demanded that the administration of former President Donald Trump change his “dangerous practice” of supporting Taiwan.

He said China’s claim against Taiwan, which split with the continent in 1949 but was claimed by Beijing as its territory, was an “insurmountable red line.” Separately, Defense Ministry spokesman Wu Qian said that China “will not renounce the use of force; it will not reserve the right to take the necessary measures.”

Taiwan stock index fell modestly by 0.2%.

Beijing data released on Saturday showed that China’s exports grew by 60.6% in the first two months of the year 2021, as factories reopened, and global demand gradually recovered. The huge increase reflects the decline in production and exports in early 2020, at the peak of China’s coronavirus outbreaks.

The gradual spread of vaccines in much of the world is also encouraging, although it is unlikely to start in some Asian countries, including Aponia.

Japan extends state of emergency in Tokyo’s area for two weeks to March 21, urging restaurants and businesses to close at 8pm as the government seeks to maintain economic growth while curbing the spread of COVID-19 infections.

The US economic aid package, which was rarely approved by the Senate on Saturday, provides direct payments to most Americans of up to $ 1,400, extending emergency unemployment benefits. This is a victory for President Biden and his Democratic allies, as the final approval of the Congress is expected this week.

Wall Street closed the volatile trading day, which ended last week with a large rally that disrupted a series of three-day market losses. The S&P 500 gained 2% to 3841.94. The Dow Jones industrial average was up 1.9% at 31,496.30. Nasdaq composite increased by 1.6% to 12,920.15 points.

The company’s smaller shares outperformed the wider market as they do all year round. The Russell 2000 index rose 2.1% to 2119.21.

A report by the US government on Friday showed that employers had created hundreds of thousands more jobs last month than economists had expected, a sign of encouragement for the economy. But it also boosted the treasury’s profitability, raising concerns that rising inflation could put an end to the magic of extreme interest rates.

Rising oil prices are part of that picture. After the onset of the epidemic, prices have been recovering for the past few months as demand has fallen.

A devastating winter freeze in Texas’s other southern United States last month knocked down about 4 million barrels a day of U.S. oil production, and prices rose above $ 60 a barrel.

As oil prices soared last week, some observers had hoped that the OPEC cartel և its allies would lift more restrictions և would allow oil to flow more freely. But OPEC has agreed to drop most of the restrictions, despite growing demand.

The US crude rose $ 1.27 to $ 67.36 a barrel in electronic trading on Monday at the New York Mercantile Exchange. It jumped $ 2.26 to $ 66.09 per barrel on Friday.

Brent crude rose from $ 1.36 to $ 70.72 a barrel.

The dollar traded at 108.42 Japanese yen against 108.34 yen in foreign exchange trading. The euro was trading at $ 1.1904, below $ 1.1919.

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AP business writer Katie Busuents contributed.

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