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WTI, Brent Surge as Stockpiles Dwindle


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Most equity markets in the region higher, taking a positive lead from the US where equity markets eked out small gains. Hong Kong markets were shut in observance of Chung Yeung Festival. Bourses in Japan lead the way higher with gains of over 1%, in Japan a survey showed that corporates support PM Kishida's additional fiscal stimulus plan with hopes it will be worth at least JPY 10tn. Kishida is expected to formally sign off on dissolution of the House of Representatives today and schedule a general election for Oct 31. Markets in China are slightly lower but off worst levels of the session, data showed CPI slowed slightly while PPI picked up and rose at the fastest pace since 1995. In Australia equity indices gained over 1%, supported by higher commodity prices. E-minis rose, S&P futures broke out of the previous two day's range, markets look ahead to PPI data and speeches from Fed's Bullard and Bostic.