SGX nifty hints of profits; Dr. Reddy’s, RIL in focus
Most Asian stocks rose Monday amid an ongoing rally in Japan sparked by the Prime Minister’s proposed resignation and as traders contemplated slowing US hires that could delay a reduction in incentives.
Japanese stocks rose more than 1% after the Topix sat on hopes for better pandemic management and more spending from Prime Minister Yoshihide Suga’s successor for three decades. Hong Kong and China also made progress. The dollar was ticking.
S&P 500 futures slipped. The bar ended little changed on Friday, the Nasdaq 100 hit a record and government bond yields soared as investors digested disappointing US wage growth and faster-than-forecast wage increases. US markets are closed on Monday for Labor Day holidays and there will be no cash trading in Treasuries.
India’s SGX Nifty 50 index futures for delivery in September rose 0.2% to 17,390.00 while the MSCI Asia Pacific Index is + 0.5%. The NSE Nifty 50 rose 0.5% to 17,323.60 on Friday.
The U.S. economy created 235,000 jobs in August – the smallest increase in seven months – as the delta virus variant spread. The weak report seems likely to lead Federal Reserve policymakers to postpone a move to reduce bond purchases at their September meeting. It also points to a difficult time of slower economic reopening and heightened price pressures.
Oil extended losses after Saudi Arabia cut crude oil prices for Asian buyers. Elsewhere, gold was stable and bitcoin was close to $ 52,000.
At home, Nuvoco Vistas should report on the profits on Monday. Britannia holds its annual shareholders meeting. According to the NSDL website, foreign investors bought a net 1,330 billion rupees in shares on September 2.