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Indian Morning Briefing: Asian Markets Mostly Higher

GLOBAL MARKETS 
DJIA         35144.31    82.76   0.24% 
Nasdaq       14840.71     3.72   0.03% 
S&P 500       4422.30    10.51   0.24% 
FTSE 100      7025.43    -2.15  -0.03% 
Nikkei Stock 28017.44   184.15   0.66% 
Hang Seng    26137.55   -54.77  -0.21% 
Kospi         3249.12    24.17   0.75% 
SGX Nifty*   15844.50    23      0.15% 
*July contract 
 
USD/JPY 110.19-20  -0.17% 
Range   110.41   110.20 
EUR/USD 1.1804-07  +0.03% 
Range   1.1815   1.1799 
 
CBOT Wheat Sept $6.770 per bushel 
Spot Gold     $1,797.73   Unch 
Nymex Crude (NY) $72.15   $0.08 
 
 
U.S. STOCKS 

U.S. stocks rose slightly Monday to set closing highs ahead of a busy week of earnings from technology companies.

The Dow Jones Industrial Average added 82.76 points, or 0.2%, to 35144.31, after the blue chip index on Friday closed above the 35000 milestone for the first time. The S&P 500 rose 10.51 points, or 0.2%, to 4422.30 and the Nasdaq Composite added 3.72 points to 14840.71. All three indexes set records for a second consecutive session.

 
 
ASIAN STOCKS 

Japanese stocks were up, led by gains in energy and metal stocks, as hopes continued for a recovery in the global economy and Japanese corporate earnings. A number of blue-chip companies would be reporting their results in the coming days with Shin-Etsu Chemical's results scheduled for later in the day. The Nikkei Stock Average was up 0.4% at 27950.08.

South Korea's benchmark Kospi was up 0.8% at 3250.59 in early trading, led by gains in tech and travel stocks. Solid corporate earnings results were buoying investor sentiment despite concerns about a surge in Covid-19 cases that could slow the pace of an economic recovery. Memory-chip maker SK Hynix rose 1.7% after posting 2Q earnings that beat street views.

Hong Kong shares gained slightly in early trade, reversing some losses after the Hang Seng Index on Monday suffered its worst day since May 2020. Chinese tech stocks' weakness continue amid investors' concerns over Beijing's move to tighten regulations on the sector. Chinese oil majors were leading the gains. China Evergrande was 7.6% lower after the company scrapped a special dividend. The HSI was 0.1% higher at 26229.14.

Chinese stocks were mixed in morning trade, as miners and steelmakers gained while consumer-related sectors weakened. Shanxi Securities said investor sentiment was weighed by worries about a Covid-19 outbreak in Nanjing and severe flooding in Henan province, hitting consumer-related sectors especially hard but should benefit commodities sectors as raw-material prices could rise. The Shanghai Composite Index was flat at 3468.84, the Shenzhen Composite Index was 0.2% lower and the ChiNext Price Index was 0.4% higher.

FOREX 

Asian currencies consolidated against USD amid a cautious mood ahead of the FOMC meeting this week. At the upcoming FOMC decision, Fed Chair Powell was unlikely to deviate from his dovish rhetoric amid an uptick in Covid-19 cases linked to the Delta variant and he may downplay rate-increase expectations, though he could keep taper intentions intact for now, OCBC said. USD/KRW was 0.3% lower at 1,149.30, USD/SGD was little changed at 1.3583 and AUD/USD was steady at 0.7379.

METALS 

Gold consolidated as traders eye this week's Federal Open Market Committee meeting. Market players were waiting to see whether the Fed will signal the start of tapering, for example, by scaling back bond purchases, which would likely be bad news for gold, Commerzbank said. The price of gold is unable to detach itself from the psychologically important $1,800/oz level ahead of the meeting, it added. Spot gold was little changed at $1,797.73/oz.

OIL SUMMARY 

Oil edged higher in the morning Asian session, but gains could be limited by ongoing concerns over the Covid-19 Delta variant. This variant continues to spread globally and travel restrictions aren't easing, Oanda said. The world is determining how it will live with Covid-19, and it still currently appears that worries over crude demand in the short term may prevent the tight market from sending oil prices much higher, Oanda added. Front-month WTI crude oil futures were up 0.1% at $71.98/bbl; front-month Brent crude oil futures were 0.3% higher at $74.69/bbl.

 
 
TOP HEADLINES 
 
China Industrial Profit Data for June Signal Relatively Strong, if Uneven, Recovery 
China Evergrande Cancels Special Dividend 
SK Hynix Expects Chip Demand to Continue to Be Strong 
Bitcoin Jumps to a Six-Week High 
Infrastructure-Bill Negotiators Try to Overcome Late Hurdles 
Chinese Officials Blame U.S. for Stalemate in High-Level Talks 
Temasek Raises US$2.5 Billion in Bonds 
BlueScope Says Second-Half Earnings Surpassed Expectations 
Foreign Purchases of U.S. Homes Fall to New Low 
China's Tech Regulator Orders Companies to Fix Anticompetitive, Security Issues 
Ad-Tech Company AdTheorent Nears $1 Billion SPAC Deal to Go Public 
Intel Sets Plan to Again Become World's Premier Chip Company 
Judge Extends Deadline for FTC to Refile Facebook Antitrust Suit 
FDA Asks Covid-19 Vaccine Makers to Expand Number of Children in Tests 
U.S. to Keep Covid-19 Travel Restrictions Due to Delta Variant, Official Says 
Lebanon Nominates Former Prime Minister Najib Mikati to Form Government 
U.S. Combat Role in Iraq to End This Year, Biden Says 
 
 

(END) Dow Jones Newswires

July 26, 2021 23:15 ET (03:15 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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