Nikkei records, crude oil prices, OPEC+

Japan’s Nikkei Stock Average hit another all-time high on Monday, exceeding the 40,000 yen level. The index had previously risen 0.8%.

The benchmark index continued its record rise, hitting a new high for the first time in 34 years.

Both the Nikkei Stock Average and the broader Topix index are among the top performers among major stock markets in the Asia-Pacific region. The Nikkei average is up more than 20% since the beginning of the year, and the TOPIX is up nearly 15%.

Strong earnings and investor-friendly policies from the Japanese government have fueled a ferocious rally in stock prices this year.

The broad-based Topix rose 0.1% on Monday after hitting a record high above the 2,700 mark last Friday.

— Shreyashi Sanyal

Data showed that South Korea’s industrial production in January fell for the second consecutive month, but retail sales increased in the same month.

Industrial production growth rate in January was 1.3%, down from the previous month’s revised 0.5%. A Reuters poll had expected a 1% rise.

South Korea’s retail sales rose 0.8% in January, after falling 0.8% the previous month.

— Shreyashi Sanyal

The technology sector rose about 2.4% this week, making it the best-performing sector in the S&P 500. NetApp led the sector’s gains, jumping 20.2%.

The next best sector after consumer staples rose 2.1%.

Meanwhile, healthcare fell 1.1%, its worst week on record.

— Ha-Kyung Kim

With all three major stock indexes up for four straight months, it’s natural to wonder if the stock market rally has been too hot and fast.

But all things considered, Citi said the bubble has not grown to a huge size.

Citi’s Dirk Wheeler said: “The current stock bubble is not that big (yet) in terms of price growth, duration, valuations and sentiment. Given the expectation of strong earnings growth, is it really a bubble at all? There are some people who are debating whether or not to do so.” . “Therefore, we believe there is likely to be additional operating room in the market.”

He added that he remains bullish on U.S. stocks, especially tech stocks.

— Lisa Kailai Han

U.S. crude oil futures soared above $80 per barrel for the first time in about four months, with signs of market tightening ahead of OPEC+’s decision to cut production.

West Texas Intermediate for April contract rose more than 2%, or $1.78, to $80.04 per barrel, while Brent futures for May contract rose 2.15%, or $1.76, to $83.67 per barrel.

U.S. crude oil and global benchmarks posted their second consecutive month of gains in February as near-term contracts, typically a sign of tightening oil markets, traded at a premium compared to later months.

OPEC+ is considering deferring production cuts to the second quarter and possibly to the end of the year, three people familiar with the organization told Reuters this week. The cartel and its allies are expected to make a decision on the cuts in the first week of March, sources told Reuters.

— Spencer Kimball