Asian stocks rally on oil deal & Saudi’s ‘whatever it takes’ moment

Asian stock markets are having a good time this Monday morning on account of the first global oil deal since 2011 and Saudi’s readiness to do ‘whatever it takes’ to rebalance the oil markets.

Japan’s Nikkei gained 1.3% or 247 points to 19,244. The weakness in the Japanese Yen is also driving the stock prices higher. Australia’s S&P/ASX 200 rose 0.34% or 18 points to 5580 levels.

Oil jumped to its highest level since July 2015 after the non-OPEC producers agreed to cut output by 558K barrels per day. Following the non-OPEC deal, Saudi said it could do more cuts beyond what the level decided on November 30.

The data calendar is light across the globe. Hence, oil remains at the center stage of the financial markets.