Market colour - markets pare some losses on possibility of G7's joint oil reserve release
🔃Markets are paring some losses, led by the $Hang Seng Index - main 2603(HSImain)$ March futures that has bounced 2% from its morning low of 24,700 to trade 1.7% lower at 25,144
🔺Some Hong Kong stocks such as $BYD COMPANY(01211)$ (+2%, HKD 96.60) and $MEITUAN-W(03690)$ (+1.6%, HKD 78.10) are even trading in positive territory as of 145PM
📰The bounce comes on the back of news reported by the Financial Times that the Group of Seven finance ministers will discuss a possible joint release of oil from reserves co-ordinated with the International Energy Agency
📞Three G-7 countries, including the US, have reportedly expressed support for the strategy, with the ministers holding a call at 830PM tonight
🚨There have been five coordinated emergency oil stock releases by the International Energy Agency, including two in 2022 after Russia’s invasion of Ukraine
🛢Prior to this news, Asian markets were heavily sold off in the morning, following a surge in oil prices above USD 100 and toward the USD 120 mark as the Middle East war shows no signs of abating
⛽Gasoline prices have also jumped to its highest level since Aug 2024, exacerbating global inflation
🇯🇵The $Nikkei 225 Index(N225.JP)$ plunged as much as 7.7% to 51,405 today, and has currently recovered 1,000 points from the low to trade at 52,530 as of 153PM
🔝The top warrant gainers table are dominated with put warrants with gains as much as 167%
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