[MARKET ANALYSIS] Asia-Pac stocks are pressured as oil rallied despite the announcement of a record IEA release

APAC Stocks: Negative

• Asia-Pac stocks declined as rising oil prices dampened sentiment and stoked inflationary concerns, while the announcement of a record joint emergency reserves release failed to drag energy prices lower, due to likely slow deliveries and with further disruptions in the Middle East from the ongoing hostilities.

ASX 200: -1.6%

• Declined amid losses in nearly all sectors aside from energy, and with further calls by large banks for the RBA to deliver a back-to-back hike next week.

Nikkei 225: -2.0%

• Retreated firmly beneath the USD 55,000 level as the higher oil prices lift yields and weigh on manufacturer and exporter sentiment.

Hang Seng & Shanghai Comp: Hang Seng -1.4% / Shanghai Comp -0.5%

• Chinese markets conform to the broad downbeat mood in the region, with risk appetite also pressured following the announcement that the US is initiating Section 301 investigations into 16 trading partners, including China, the EU, Mexico, Vietnam, India and Japan.

US Equity Futures: -1.0%

• US index futures were pressured alongside the rising oil prices, in which Brent and WTI returned to above the USD 100/bbl and USD 95/bbl levels, respectively.

European Equity Futures -1.2%

• Indicate a lower cash market open with Euro Stoxx 50 futures down 1.2% after the cash market closed with losses of 0.7% on Wednesday.