Sentiment Improved Temporarily as Asian PMIs Surprised to the Upside

Investors were bolstered by stronger-than-expected PMI data from China and India. Stocks advanced with the MSCI Asia Pacific ex-Japan Index gaining more than +1%. In the commodity sector, oil and gold rose as driven by improved market sentiment. Currently trading at 100.25, the front-month contract for WTI crude oil climbed above 100 again in Asian session today after plunging to as low as 98.61 Monday while the equivalent Brent crude contract rebounded to 108.5. Gold price rose for a second day amid geopolitical concerns. The nuclear project in Iran has raised fears in the market.

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Sentiment Improved Temporarily as Asian PMIs Surprised to the Upside