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Indian Morning Briefing: Asian Markets Mostly Higher

GLOBAL MARKETS 
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 
 
 
US STOCKS 

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.

 
 
ASIAN STOCKS 

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.

FOREX 

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.

METALS 

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 SUMMARY 

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.

 
 
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(END) Dow Jones Newswires

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

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

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