Crude climbed within 50 cents of a record today, and that meant Asian stock indexes were climbing as well with the Nikkei rising 0.3% and the Asia-Pacific index up 0.1% after big losses Friday. Steel joined oil as a big mover when South Korean producers announced a price increase. Those prices, coupled with demand from China, are outweighing fears about a US slowdown.
Japanese real estate also surged, as investors saw a bottom and scooped up undervalued stocks. But news was not so good in China, where the CSI 300 index declined over fear of a rate hike. It would be the fifth straight hike for China since March, but inflation rates are at a 10-year high, the government said.