- Asian equities trade mixed as off in Australia and light calendar elsewhere restrict market moves.
- Japanese data favors Nikkei 225, Evergrande jumps over 8.0% on hopes of recovery.
- Omicron fears ebb, stimulus hopes stay on the table but holiday mood restricts momentum.
Markets in the Asia-Pacific region fail to track Wall Street’s gains as an off in Australia favors the holiday mood during early Tuesday. In doing so, the investors fail to cheer upbeat headlines concerning Evergrande and from Japan as the US Treasury yields rebound.
That said, Japan’s Nikkei 225 rises 1.5% whereas the MSCI’s index of Asia ex-Japan shares rises 0.30% by the press time.
Hong Kong began the week’s trading with an uptick in Evergrande stocks on weekend news saying, the troubled China real-estate company resumed construction on nearly all of its projects with eyes on completing thousands of apartments before 2022 arrives. The stock jumped 10% initially before easing to $1.57, up 6.08% at the latest. The recent pullback in the quote could be linked to cautious sentiment ahead of two dollar-bond-coupon payments, due on Tuesday.
Elsewhere, the US 2-year Treasury yields jumped to the highest since March 2020 before stepping back to 0.75% amid hopes of faster economic recovery in the US, backed by upbeat retail sales during the holiday season and recent easing of the quarantine period for the general citizen from 10 days to five.
That said, New Zealand’s NZX remains directionless and so do stocks from China while South Korea and Indonesia print mild gains. Also on the positive side is India’s BSE Sensex, up 0.65% intraday by the press time.
It should be noted that Wall Street benchmarks posted notable gains the previous day but S&P 500 Futures print mild losses at the latest amid the market’s indecision.
Looking forward, the S&P/Case-Shiller Home Price Indices and House Price Index for October will precede the Richmond Fed Manufacturing Index for December to entertain intraday traders. However, major attention will be given to the Omicron headlines and risk catalysts mentioned above.
Read: US T-bond yields cling to 1.48%, S&P 500 Futures retreat from record high amid sluggish markets
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.