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Asian market set to start with average gains despite weak US lead

On Friday, Asia’s major indices managed to start higher despite slight losses during the last settlement in Wall Street amidst political concerns.

U.S. shares ended trade on lower levels on Thursday since investors diverted their attention to the possibility of a government shutdown.  Robust stateside quarterly corporate earnings (with 78 percent of S&P 500 companies reporting more than expected gains as on Wednesday) were not enough to boost the American indices, which struggled in red zone.

Japan’s Nikkei rose 0.44 percent gaining 97.3 points to 23,860.67. Asia pacific equities, futures indicated a slight higher start for the Japanese markets at the open. In Chicago, Nikkei futures were up 0.26 percent at 23,825. Osaka futures gained 0.45 percent at 23,870. In Australia, the S&P/ASX 200 rose 0.17 percent during early trade. However, it dropped by 0.08 percent at 9:55 a.m. GMT. The Australian dollar climbed to $0.8002 at 6:56 a.m. GMT.

Oil prices fell due to a small increase in U.S. output

On Friday, oil prices dropped as U.S. production bounced back indicating a slight increase in production..

Brent crude futures LCOc1 shed 53 cents of 0.8 percent falling back to $68.78 at 0123 GMT. They reached their highest since December of 2014 record peak of $70.37 per barrel on Monday. United States West Texas Intermediate (WTI) futures Clc1 dropped 59 cents or 0.9 percent to $63.36 per barrel from their last trade. WTI reached a December high of $64.89 per barrel on Tuesday.

According to traders, the price drop was caused by the bounce back in U.S. oil output following its recent drop and the anticipated decline in demand during the final days of winter in the northern hemisphere.

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