MARKETS: Asian stock markets in a strong bet – Trump comments on the schedule of military operations

In Asia, the stock markets were clearly on the rise on Wednesday. President of the United States Donald Trump said earlier Tuesday that the United States could leave Iran within two to three weeks.

Trump will give a speech to the nation on Wednesday evening local time. According to the White House, he will give the citizens an overview of the situation in Iran.

At the time of review, Japan’s Nikkei was up 4.6 percent and the broader Topix was up 4.4 percent.

In mainland China, the CSI 300 was up 1.5 percent. Hong Kong’s Hang Seng was up 1.9 percent.

South Korea’s Kospi index was up 8 percent.

In China, RatingDog’s purchasing managers’ index fell to 50.8 points in March from 52.1 points in February, but still remained above the 50-point mark describing growth. However, the reading was below the forecast of 51.5 points by Bloomberg economists.

In particular, smaller export companies have suffered when fuel and freight costs have risen and global transport routes have been disrupted by the war in the Middle East.

Several March purchasing managers’ indexes compiled by S&P Global, released earlier, showed similar slowdowns in various economic areas.

Asian countries suffering from energy shortages have started to take advantage of the temporary easing of US sanctions against Russia to buy Russian oil. The goal is to compensate for supply shortages caused by the conflict in the Middle East.

Earlier in March, the United States temporarily eased sanctions against Russia. The relaxation allows for the purchase and delivery of Russian oil subject to sanctions, provided it was loaded onto ships on March 12. The reductions are valid until April 11.

According to Bloomberg, the Philippines received its first crude oil cargo in nearly six years, while South Korea received its first shipment of Russian naphtha of the year. Sri Lanka is also negotiating new supplies with Moscow.

Naphtha is a key raw material for the plastics industry and is also used as a blending component of gasoline.

According to Bloomberg, Japan may also consider increasing Russian supplies, although the decision involves geopolitical risks. The country already imports Russian liquefied natural gas.

On the oil market, the price of Brent oil was around 104 dollars per barrel at the time of the review. The price of West Texas Intermediate oil, on the other hand, was 102 dollars per barrel.

At 8:23 a.m. one euro was worth 1.15 dollars, 183.7 yen, 0.87 pounds and 10.9 Swedish kronor. The dollar was 158 yen and the pound was 1.32 dollars.

An upward opening is expected for the United States on Wednesday, based on index futures. An increase in Europe is also expected.