Asian stocks were steady Monday after U.S. shares extended a rally on speculation the Federal Reserve has scope to continue providing substantial stimulus support. Oil dipped amid OPEC+ tension.
Shares slipped in Japan and fluctuated in Hong Kong and China, where cybersecurity probes into ride-hailing giant Didi Chuxing as well as some other online platforms again highlighted Beijing’s push to curb the influence of the nation’s largest technology companies.
Indias SGX Nifty 50 Index futures for July delivery rose 0.6% to 15,840.00, while MSCI Asia Pacific Index +0.1%. The NSE Nifty 50 Index added 0.3% Friday to 15,722.20.
The S&P 500 reached a record for a seventh day Friday after a U.S. jobs report signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly. U.S. equity contracts were stable. U.S. stock and bond markets are closed for the July 4 Independence Day holiday.
Oil was around $75 a barrel amid an OPEC+ dispute. The standoff between Saudi Arabia and the United Arab Emirates leaves the global economy guessing how much oil it will get next month.
Back home, India Pesticides to debut after IPO. Tata Investment, Tata Power among companies holding their annual shareholders’ meeting. Foreign investors soldnet 1.14b rupees of stocks on July 1, according to NSDL website.