Asian stocks were steady Friday after a Wall Street rebound as traders weighed the economic recovery from the pandemic as well as the possibility of reduced U.S. stimulus. The dollar pared a decline.
Shares rose in Japan but slipped in Hong Kong and China. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.5% to 15,005 as of 8:15 a.m.
Overnight, nearly all major industry groups in the S&P 500 pushed higher, while the Nasdaq 100 rallied past its 50-day moving average.
A drop in U.S. initial jobless claims put the focus back on the economic recovery, but there are lingering fears price pressures imperil loose financial conditions. U.S. equity contracts fluctuated. Treasury yields maintained a retreat.
Weaker-than-expected demand for an auction of 10-year inflation-protected debt suggested confidence in the Federal Reserve’s narrative that the recent acceleration in inflation is unlikely to be sustained. A pause in this year’s commodity boom continued.
Gold is around the highest level in more than four months. Its claimed virtual rival, Bitcoin, steadied after a volatile cryptocurrency slump this week.
Back home, HPCL, Zee, Havells, Torrent Power may react as the companies reported quarterly results after the market closed Thursday. SBI, JSW Steel, Hindalco, Shree Cement, United Spirits, Container Corp are among the companies scheduled to report earnings Friday. Foreign investors bought net Rs 2,530 crore of stocks on Wednesday, according to NSDL website.