investingLive Asia-pacific market news wrap: Big bounce in Korean stocks. Oil climbs again

Markets:

• Korean Kospi +8.6%
• Nikkei 225 +1.6%
• S&P 500 futures -0.2%
• WTI crude oil up $2.51 to $77.21
• US 10-year yields up 3 bps to 4.11%
• USD leads, AUD lags

Eyes were on Asian stock markets after yesterday’s 11% drop in South Korean indices and they didn’t disappoint with a 12% pop at the open led by Samsung. However the bids faded after the open and we’re down to just +8.6% in astonishing trading for a major global market.

Japanese stocks have been equally disappointing, gaining just 1.8% after yesterday’s big selloff. Part of the reason we’ve seen a slump is due to resumed oil gains. Crude dipped earlier on expectations for a slower pace of Iranian attacks but that thinking isn’t holding up as the Strait of Hormuz essentially remains closed and the US sending mixed signals about how to open it. That has crude at the best levels since the war.

With that, bonds are selling off and the dollar is modestly bid.

Eyes are also on China as headlines continue to stream out of the National People’s Congress. So far we’re seeing the usual commitments to boost consumption and there have been signs of tax changes to that effect but it’s all still modest stuff around the edges, with the PBOC again reiterating it’s moderately loose stance. We’re at the point where China needs to deliver credible plans rather than the old vague commitments that the market has lost faith in.

Asia is once again bidding up gold prices in what’s been a theme throught the week. Those bids have struggled to hold though US trading but gold is up $47 to $5183 and silver is up nearly 2%. Bitcoin has held most of its impressive gains from yesterday but is down 0.8% so far today.