Asian stocks were steady on Monday as traders evaluated the risk of a slower economic recovery from the pandemic amid elevated inflation.
Shares slipped in Japan and were little changed in South Korea and Australia, while U.S. futures rose. The S&P 500 last week dropped the most since mid-June on investor caution over the challenges for economic reopening from the delta virus strain.
India’s SGX Nifty 50 Index futures for September delivery fell 0.5% to 17,360.00, while MSCI Asia Pacific Index was down 0.6%. The NSE Nifty 50 Index gained 0.1% on Thursday to 17,369.25. Markets were closed on Friday for a holiday.
Treasury yields held an advance as traders assess price pressures and their impact on the likely timeline for a reduction in Federal Reserve stimulus. An update on U.S. consumer prices this week will feed into the debate about whether or not elevated costs are transient. The dollar was steady.
Chinese technology stocks may come under renewed pressure after a report that China is seeking to break up Ant Group Co.’s Alipay and create a separate app for its loan business. Trade tension is also in the spotlight again after the Biden administration was said to be weighing a new probe into Chinese subsidies.
Elsewhere, North Korea said it successfully test-fired a new type of long-range cruise missile, ratcheting up tensions on the Korean Peninsula. Oil climbed above $70 a barrel and Bitcoin was around $46,000. Epic Games Inc. filed a notice of appeal in its closely watched antitrust lawsuit against Apple Inc.
Back home, Government will release August consumer-price inflation data; Balrampur Chini is holding their annual shareholders’ meeting. Foreign investors sold net Rs 830 crore of stocks on Wednesday, according to NSDL website.