Asian Stock Market: Remains mixed as US dollar rebounds, Crude oil slips

Asia-pacific indices trade mixed on rising Delta variant cases, USD rebounds
The US NFP data remained at 15-month highs, however, inflation jitters soothes as data yet not strong enough for probable Fed’s tapering measures..
Lower US Treasury yields boost the demand for riskier assets.

Rekha Chauhan Independent Analyst

Asian stocks start the new trading higher on a mixed note as market sentiment swings between high and lows. Investors' risk appetites improved on stronger US job data. Inflation fears cooled down as markets believed that data was not strong enough to alter Fed’s current monetary policy stance.

MSCI’s broadest index of Asia-pacific shares outside Japan rose 0.3%. Asain shares to be traded in a thin market with US markets set to be closed for observance of Independence Day.

Japan’s Nikkei 225 fell 0.5% after the number of coronavirus infections increased in Tokyo, just weeks before the start of the Olympics.

Kospi gained 0.04% and S&P ASX200 rose 0.16%.

Hong Kong’s Hang Seng Index lost 0.45% and the Shanghai Composite gained 0.2%.

US Futures edges lower after Wall Street rose to record high on Friday as investors cheered a strong Job market report.

Oil prices slipped in the Asian trading session as the United Arab Emirates pushed off a plan by OPEC and its members to extend the global pact to cut oil production beyond April 2022.

Apart from that, rising cases of COVID-19 also hurting the sentiments in the Asia-pacific equities market. As per the latest reports, Thailand and Indonesia have reported record-high new cases.

The US dollar recovers from the earlier lower levels to trade at 92.34, down 0.11% for the day.

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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