Nikada
The Asia-Pacific equity market was set for a higher open on Monday as investors looked ahead to the central bank meetings and a fresh batch of corporate earnings reports this week.
Japan (NKY:IND) +2.13%. The Japanese yen firmed up near 153 per dollar on Monday as investors braced for the latest Bank of Japan policy decision this week.
China (SHCOMP) +0.09%. The index gave back gains from the previous session as economic uncertainties in China continued to weigh on market sentiment as traders adopted a cautious stance ahead of a key Politburo meeting.
Profits earned by China’s industrial firms rose by 3.5% y/y to CNY 3,511.03 billion in the first six months of 2024, after a 3.4% gain in the prior period.
Hong Kong (HSI) +1.58%. Shares in Hong Kong rose for the second session as all sectors gained. Traders were also eager to add new positions amid optimism that fresh support measures for the Chinese economy could be launched at a politburo meeting this month or later this year.
India (SENSEX) +0.37%. Shares in India were up for the second straight session while extending to their record peak, mainly supported by gains from property, banking sectors, and oil and gas.
Australia (AS51) +0.86%. The S&P/ASX 200 index rose for the second straight session, and investors cautiously awaited domestic inflation figures this week to guide the outlook for Reserve Bank of Australia monetary policy.
In the U.S., on Friday, all three major indexes ended higher as moderating inflation reinforced expectations for a potential interest rate cut in September.
U.S. stock futures rose on Monday as investors looked forward to another batch of earnings reports from mega-cap technology companies: Dow +0.40%; S&P 500 +0.53%; Nasdaq +0.73%.
Week ahead: Market participants awaited the Fed’s interest rate decision and the nonfarm payrolls report. In China, manufacturing and services PMIs will be closely watched. Globally, the Bank of England, the Bank of Japan, and the Central Bank of Brazil will provide updates on their monetary policy.
Bitcoin surged to $70,000 after US presidential candidate Donald Trump’s support for crypto increased in his keynote speech at the Bitcoin 2024 conference, potentially reaching the key level for the first time in six weeks.
Meanwhile, rising geopolitical tensions in the Middle East also supported safe-haven assets like gold, following Israel’s pledge for strong retaliation against Hezbollah.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
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