Asia stocks hit one-year peak
On Monday, Asian shares edged up to one-year peaks, thus expanding their revenues this year to almost 10%, backed by a leap in crude prices and traders’ hopes for an extended phase of easy monetary policy around the globe.
MSCI's broadest index of Asia-Pacific shares outside Japan ascended 0.1%, bringing its profits so far this year to about 9.8%. Additionally, Japanese Nikkei lost 0.3%.
On Monday, on Wall Street, S&P 500, Dow as well as Nasdaq stock indexes closed at life-time peaks, earning 0.3-0.6%. Meanwhile, Brazilian stocks hit two-year peaks too, backed by higher crude prices.
That day, crude prices hit one-month peaks, earning 10% or more in a three-day surge as speculation went up over potential producer action to back prices amid oil oversupply.
On Monday, Alexander Novak, Russian Energy Minister told his country is currently consulting with Saudi Arabia as well as other producers to achieve crude market stability, thus bolstering hopes that oil producing nations could try to to stabilize prices.