Skip to Content
Global News Select

Indian Morning Briefing: Asian Markets Mostly Higher

DJIA           35116.40    278.24     0.80% 
Nasdaq         14761.29     80.23     0.55% 
S&P 500         4423.15     35.99     0.82% 
FTSE 100        7105.72     24.00     0.34% 
Nikkei Stock   27609.35    -32.48    -0.12% 
Hang Seng      26544.00    349.18     1.33% 
Kospi           3256.98     19.84     0.61% 
SGX Nifty*     16238.50     73.5      0.45% 
*Aug contract 
USD/JPY    109.05-06   +0.03% 
Range      109.11   108.93 
EUR/USD    1.1870-73    +0.06% 
Range      1.1874   1.1861 
CBOT Wheat Sep   $7.244 per bushel 
Spot Gold  $1,810.98/oz   Unch. 
Nymex Crude (NY)   $70.61   -$0.65 

U.S. stocks rose, shrugging off a pullback in shares of technology and communications companies.

The S&P 500 added 0.8%, erasing earlier losses. The Dow Jones Industrial Average rose 0.8% and the Nasdaq Composite edged up 0.5%. A solid earnings season has helped bolster investor optimism that stocks can continue to grind higher following an already strong rally this year. Money managers say continued support from central banks and economic data that still shows growth will further support equities.


Japan's Nikkei Stock Average was down 0.3% at 27549.56, dragged by electronics stocks, as concerns about rising Covid-19 infections and containment measures in Japan offset hopes for an earnings recovery. Toyota Motor, Honda Motor and Sony Group are set to report results later in the day.

South Korea's benchmark Kospi gained 0.3% to 3246.16 in early trading, led by biotech and travel stocks. Renewed hopes for an economic recovery and robust corporate earnings outweighed concerns about a resurgence in Covid-19 cases in the country.

Hong Kong shares fell slightly in early trade as losses in entertainment and technology stocks outweighed gains in consumer stocks. The benchmark Hang Seng Index was down 0.1% at 26161.83, while the Hang Seng Tech Index dropped 0.8%.

Chinese stocks were lower in early trade amid concerns over the Covid-19 outbreak in China. UOB expects that the strong equities performance in the U.S. overnight may offer some support for Chinese and Asian equities during today's trading session. The Shanghai Composite Index was 0.1% lower at 3446.10 and the Shenzhen Composite Index was down 0.1% at 2422.30. The ChiNext Price Index--a measure for emerging industries and startups-- fell 0.5% to 3460.53.


JPY strengthened against most G-10 and Asian currencies amid continuing worries over the spread of the Delta variant of Covid-19 in Asia. Chinese media have reported that 31 provincial-level regions are warning against travel, suggesting that residents remain at home given the Delta variant's outbreak, NAB said. There are also concerns that China's domestic vaccines are less effective against the Delta variant, NAB added. USD/JPY fell 0.1% to 108.95, SGD/JPY dropped 0.1% to 80.65 and AUD/JPY was down 0.1% at 80.53.

The RBA's relatively hawkish stance won't be enough to prevent further falls in the Australian dollar, Capital Economics said. The RBA signaled yesterday it would proceed with tapering its asset purchases later this year, confounding expectations among economists that it would delay this plan due to Covid-19 lockdowns in Australia. "The bigger picture is that uncertainty about both the domestic recovery and the global outlook will probably continue to weigh on Australia's government bond yields and currency," Capital Economics said. At 0.7395, AUD/USD remained a touch above an eight-month low achieved in July.


Gold was little changed in Asian trading after declining overnight as U.S. Treasury yields and the dollar edged up. Chinese demand may provide some support for the precious metal. A report by the China Gold Association showed the country's demand for gold recovered significantly in the first half of the year after slumping last year due to the pandemic, Commerzbank said. Spot gold was flat at $1,810.98/oz.


Oil declined in morning Asian trading amid demand concerns due to the spread of the Covid-19 Delta variant globally. Developments on the seizure of a tanker ship in the Gulf of Oman by suspected Iranian gunmen will be closely watched, Oanda said. Investors will also keep an eye on this week's upcoming EIA report on U.S. oil inventories. "If U.S. stockpiles unexpectedly increase this week, WTI crude could be vulnerable to a drop towards the $67.00 region," Oanda added. Front-month WTI crude oil futures declined 0.5% to $70.22/bbl, while Brent was 0.3% lower at $72.18/bbl.

China Services-Sector Gauge Rebounded in July 
Stocks Climb, Boosted by Earnings Optimism 
Crypto 'Wild West' Needs Stronger Investor Protection, SEC Chief Says 
Ship Seized in Gulf of Oman Amid Rising Tensions with Iran 
Robinhood's Stock Jumps, Reversing Faltering IPO Debut 
Biden Administration Issues New Eviction Moratorium 
Natural Gas Is Looking Like This Summer's Hottest Commodity 
New Zealand Jobless Rate Dives, RBNZ Expected to Raise Interest Rate 
NYC to Require Vaccination for Many Indoor Activities Such as Restaurants and Gyms 
Florida Battles Record Covid-19 Hospitalizations, as Delta Variant Surges 
Lockheed Launches CFO Search After Ken Possenriede Departs Suddenly 
Possible Second Union Vote at Alabama Amazon Site Faces Uncertain Path 
Amgen Disputes IRS Claim It Owes $3.6 Billion in Back Taxes 
Spirit and American Airlines Cancel and Delay Flights a Third Day 
Woodside Raises Scarborough Capex Estimate by 5% to $12 Billion 
Lumen Technologies to Sell U.S. Telecom Assets to Apollo for $7.5 Billion 
Boeing Starliner Launch Delayed by Propulsion Problem 
Marriott Posts Quarterly Gains, Sees Business Travel Picking Up in the Fall 
GM, Ford, Jeep-Maker Stellantis Reinstate Mask Mandate for U.S. Offices, Factories 
Activision Blizzard Executives Exit as Company Faces Gender-Bias Lawsuit 
PepsiCo to Sell Tropicana, Naked Juice Brands to Private-Equity Firm 
Tyson Foods to Require Covid-19 Vaccines for All U.S. Workers 
KKR Earnings Surge as Firm Rakes In Record Cash From Investors 
Air New Zealand Sees Larger 2022 Loss After Australia Travel Suspended 

(END) Dow Jones Newswires

August 03, 2021 23:15 ET (03:15 GMT)

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

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.