Asian shares surged, tracking Wall Street's overnight gains as planned diplomatic talks

US stock markets: U.S. stocks surged yesterday led by financial and tech shares, rebounding from several down days as oil prices pulled back sharply and investors gauged developments in the Ukraine crisis. 

Oil tumbled on Wednesday after reports that the United Arab Emirates will call on fellow OPEC members to boost production, potentially easing some of the supply concerns caused by sanctions on Russia after its conflict with Ukraine. A steep rise in oil and other commodities has sparked concerns about a further jolt to rising inflation and the potential for slowing economic growth. Financials and the heavyweight technology group were among the top-gaining S&P 500 sectors.

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Energy, which has been the standout sector performer in 2022, fell as benchmark Brent crude slid to around $110 a barrel from over $130 earlier in the week. Travel and leisure stocks, which have been hit hard recently, also soared, including shares of Carnival Corp and United Airlines Holdings.

Dow Jones Industrial Average

The Dow Jones Industrial Average gained 2.00%. The best performers of the session on the Dow Jones Industrial Average were Salesforce.com Inc., which rose 5.77% or 11.08 points to trade at 203.16 at the close. Meanwhile, American Express Company added 5.37% or 8.60 points to end at 168.65 and Nike Inc. was up 4.74% or 5.74 points to 126.95 in late trade. The worst performers of the session were Chevron Corp, which fell 2.50% or 4.26 points to trade at 166.27 at the close. Verizon Communications Inc. declined 0.32% or 0.17 points to end at 53.08 and McDonald’s Corporation was down 0.14% or 0.32 points to 222.47.

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NASDAQ 100

The NASDAQ index climbed 3.59%. The top performers on the NASDAQ Composite were Direct Digital Holdings Inc. which rose 107.50% to 2.49, Revelation Biosciences Inc. which was up 83.82% to settle at 1.70 and Sentage Holdings Inc. which gained 47.27% to close at 1.62. The worst performers were Hycroft Mining Holding Corporation which was down 37.00% to 0.63 in late trade, Natera Inc. which lost 32.79% to settle at 36.80 and Cyren Ltd which was down 31.89% to 7.09 at the close.

Oil price - Crude Oil market, Brent Oil market

Oil prices rose on Thursday in volatile trade following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine. Brent crude futures were up $2.53, or 2.28%, at $113.67 a barrel after trading in about a $5 range. 

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The benchmark contract slumped 13% in the previous session in its biggest one-day drop in nearly two years. U.S crude futures were up $1.64, or 1.51%, at $110.34 a barrel, after trading in a $4 range. The contract had tumbled 12.5% in the previous session in the biggest daily decline since November. Uncertainty over where and when supply will come from to replace crude from the world's second-largest exporter Russia in a tight market has led to wide-ranging forecasts for oil prices between $100 and $200 a barrel. 

Comments from the UAE energy minister and the country's ambassador to Washington sent conflicting signals.

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Precious and Base Metals - Gold price, Silver price, Palladium price

Gold prices extended declines today after recording their worst drop in nearly 14 months in the previous session as a retreat in oil prices and planned diplomatic talks between Russia and Ukraine boosted risk appetite. Spot gold fell 0.5% at $1,981.80 per ounce after tumbling as much as 3% on Wednesday. U.S gold futures shed 0.4% to $1,980.90. 

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Suspect, there are still plenty of long positions put on in the last couple of days out there that are still being squeezed. With no new Ukraine headlines to change the dynamic, and with equities rallying strongly in Asia, the downward pressure on gold continues. A rush to safe-haven assets due to the Ukraine crisis has led to a rally in gold prices, which have jumped about 8.5% in the last two weeks, bringing them closer to their record levels hit in August 2020. 

Asian shares surged, tracking Wall Street's overnight gains as planned diplomatic talks between Russia and Ukraine buoyed sentiment. However, with Russia being a major commodity producer, sanctions are intensifying the stagflation risk. We believe heightened geopolitical risks and higher inflation will support gold prices. A steep rise in oil and other commodities has sparked concerns about a further jolt to rising inflation and the potential for slowing economic growth. 

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Investors now await the February U.S. consumer price index data later in the day, ahead of the Federal Reserve's next policy statement on March 16. Palladium, used by automakers in catalytic converters to curb emissions, slipped 1.4% to $2,897.62 per ounce. The metal hit a record high of $3,440.76 on Monday, driven by fears of supply disruptions from top producer Russia.

Traditional Agricultures - Corn futures, Wheat futures,  Soybean futures

Wheat futures hit their daily trading limit on the downside for the second straight day on Wednesday, as the U.S government cut domestic wheat exports and global markets continue to be roiled by supply disruptions stemming from Russia’s invasion of Ukraine. Soybean futures turned lower after the U.S Department of Agriculture (USDA) forecast domestic and world soybean supplies will be smaller than previously thought but still came in above the average of market forecasts. Corn futures slid to session lows as oil markets dropped sharply.

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