Asian Stocks Rise as U.S. Equities Move Higher
Asian stocks broadly rose after U.S. equities moved higher, with traders awaiting a raft of economic figures over the next few days for clues on the outlook for global central bank policy.
Asian Equity Gauge Climbs 0.5%
An Asian equity gauge climbed 0.5%, supported by gains in Hong Kong, Japan, and Australia. Shares in mainland China fell at the open before heading into positive territory. U.S. futures steadied following the S&P 500’s first back-to-back advance in August.
Japan’s Unemployment Rate Rises in July
Japan’s unemployment rate rose for the first time in four months in July, a slightly negative signal for the central bank and the government. On Monday, in a reasonably quiet trading session, the S&P 500 hovered near 4,400.
Crude Oil and Bond Yields
- Brent crude was trading below $85 a barrel
- West Texas Intermediate was above $79 mark
- The yield on the 10-year U.S. bond was trading at 4.20%
- Bitcoin was above 26,000 level
Indian Stock Market Performance
At 7:38 a.m., the GIFT Nifty, an early indicator of the NSE Nifty 50 performance in India, was down 27 points or 0.14% at 19,326.
India’s benchmark stock indices advanced after a volatile open on Monday as the real estate, pharmaceutical, and public-sector-banking sectors rose, while fast-moving consumer goods and IT shares were under pressure. The indices snapped two days of losses as the Sensex rebounded to the 65,000 level, while the Nifty was trading beyond the 19,300 mark.
Foreign Investors Sell Indian Equities
Overseas investors remained net sellers of Indian equities on Monday for the second straight day. Foreign portfolio investors offloaded stocks worth Rs 1,393.3 crore, and domestic institutional investors remained net buyers and mopped up equities worth Rs 1,264 crore, the NSE data showed.
Indian Currency Strengthens Against the U.S. Dollar
The local currency strengthened 3 paise to close at Rs 82.63 against the U.S. dollar on Monday.
