Asia stocks were steady Monday with investors weighing the pace of economic recovery against more potent Covid-19 strains and central banks mulling stimulus reductions.
Australia underperformed amid stricter curbs to stem the spread of the more potent Delta Covid-19 variant. Japan was little changed and China opened steady. U.S. futures fluctuated. Hong Kong canceled the morning trading session because of a black rainstorm signal.
India’s SGX Nifty 50 Index futures for July delivery rose 0.2% to 15,894.50, while MSCI Asia Pacific Index fell 0.1%. The NSE Nifty 50 Index added 0.4% Friday to 15,860.35.
Global stocks are trading near a record high as anxiety about the Federal Reserve’s hawkish tilt eased, with investors dialing back concerns that U.S. policy makers will rush to boost interest rates despite mounting inflation pressures.
Oil was steady near a two-year high ahead of an OPEC+ meeting at which the alliance is forecast to announce supply increases that won’t be enough to keep pace with the global demand recovery.
Cryptocurrencies will be closely watched after the U.K. restricted an affiliate of crypto exchange Binance from doing business in the country. Bitcoin rose for a second day, trading in the mid-$30,000s range in the Asian morning on Monday.
Back home, JSW Energy, Finolex Industries may react as the companies reported quarterly results after the market closed Friday. National Aluminium, Hindustan Aeronautics are among the companies scheduled to report earnings Monday.
Dodla Dairy and KIMS Hospitals to debut after IPO. Foreign investors sold net Rs 780 crore of stocks on June 24, according to NSDL website.