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Indian Morning Briefing : Asian Markets Mixed; Nikkei Boosted by Economic Stimulus Hopes

09/06/2021 | 11:17pm EDT
GLOBAL MARKETS 
DJIA*           35369.09    -74.73    -0.21% 
Nasdaq*         15363.52     32.34     0.21% 
S&P 500*         4535.43     -1.52    -0.03% 
FTSE 100         7187.18     48.83     0.68% 
Nikkei Stock    29931.84    271.95     0.92% 
Hang Seng       26304.18    140.55     0.54% 
Kospi            3185.38    -17.95    -0.56% 
SGX Nifty*      17424.00       5.0     0.03% 
*Sep contract 
 
USD/JPY  109.78-79    -0.05% 
Range    109.87   109.75 
EUR/USD  1.1881-84    +0.09% 
Range    1.1887   1.1869 
 
CBOT Wheat Sep $7.144 per bushel 
Spot Gold $1,825.91/oz 0.2% 
Nymex Crude (NY) $69.26  -$0.73 
 
*Markets in the U.S. were closed Monday for a holiday. 
 
 
EUROPEAN STOCKS 

European stocks rose Monday following gains in Asia, as Friday's weaker-than-expected U.S. nonfarm payrolls report takes pressure off the Federal Reserve to reduce stimulus. The DAX 30 rose 0.96%, the CAC 40 gained 0.80% and the FTSE 100 increased 0.68%. "A poorer outlook for U.S. jobs would most likely prompt a significant delay for the Fed's tapering program, keeping support measures in place and providing a rationale for further equity inflows," IG analyst Chris Beauchamp said. Meanwhile, the European equity market has taken its cue from a strong session in Asia, where Japanese stocks were boosted by optimism over the resignation of Japan's Prime Minister Yoshihide Suga, he said.

 
 
ASIAN STOCKS 

Japanese stocks were broadly higher in morning trade, led by especially strong gains in electronics stocks amid hopes for economic stimulus as the ruling party chooses a new leader. Investors are focusing on any developments on the leadership election, which is scheduled for later this month. Murata Manufacturing gained 5.4% and Keyence was 4.4% higher, following news that both companies will be added to the Nikkei Stock Average. The Nikkei was up 1.1% at 29979.60.

South Korea's Kospi was 0.5% lower at 3188.18 in early trade, as losses in electronics and pharmaceutical stocks outweighed gains in steel makers. Pharmaceutical stocks were among the worst performers. Steel stocks were broadly higher, following the Gulf Cooperation Council's decision not to impose safeguard tariffs on some steel imports, which eases concerns for South Korean exporters.

Hong Kong stocks were higher in morning trade, extending the market's recovery on Monday. Trading firm IG reckoned the upward momentum may be sustained in the short run, after the weaker-than-expected U.S. job data raised expectations that the Fed may not start tapering this month. "That may aid to drive some risk-on sentiments for now," IG said. Investors will also watch for to China's trade balance for August, which may continue to reflect a slowdown in trade activities on a month-over-month basis due to recent virus restrictions, IG added. The Hang Seng Index gained 0.1% to 26195.76.

Chinese stocks were higher in morning trade, as the market strengthened from opening losses and extended a broad upturn since last week. The benchmark Shanghai Composite Index was up 0.1% at 3624.94, while the Shenzhen Composite Index gained 0.2% to 2469.35. The ChiNext Price Index advanced 0.1% to 3230.90. However, China Fortune Securities warned of potential near-term volatility, citing technical analysis. It reckoned the Chinese liquor sector may be a good bet now after a recent valuation pullback.

 
 
FOREX 

The Australian dollar could fall to 0.70 U.S. cents in the next three months from 0.7437 currently as the Reserve Bank of Australia maintains its loose policies and the U.S. dollar strengthens, Rabobank said. The RBA has already established dovish credentials as it doesn't expect to raise interest rates until the end of 2023 and it could also delay its plan to start slowing the pace of asset purchases in September, Rabobank forex strategist Jane Foley said. Given last month's commitment that the RBA would be prepared to act if rising coronavirus cases derail the economic recovery, there is a strong reason for asset purchase tapering to be delayed, she said.

 
METALS 

Gold rose in early Asian trade, as concerns of an imminent tapering of asset purchases by the U.S. Federal Reserve eases, Commonwealth Bank said. The precious metal, which has broadly tracked between $1,700-$1,900/oz since end March, is likely to stay within this range for the foreseeable future, it said. The bank expects the USD to remain a key indicator of gold price movements in the coming months. Spot gold was 0.2% higher at $1,825.91/oz.

 
 
OIL SUMMARY 

Oil was mixed in early Asian trade amid concerns spurred by Saudi Arabia's move to cut prices. The OPEC producer lowered prices on all of its grades of crude oil to attract more Asian buyers, but the decision "raises the question of whether it's looking to boost market share or is wary of weaker demand," ANZ said. Refiners in the region are also concerned that renewed outbreaks of the Covid-19 Delta variant will reduce mobility in certain countries. Front-month WTI crude oil futures were 0.6% lower at $68.89/bbl, while Brent crude was 0.1% higher at $72.26/bbl.

 
 
TOP HEADLINES 
U.S. Stock Futures, Overseas Markets Rise 
Aluminum Hits Decade High After Guinea Coup 
Business Travel Rebound Stifled by Covid Resurgence 
Traders Return to London Metal Exchange's 144-Year-Old Ring 
The New Head of the International Accounting Standards Board Outlines His Priorities 
German Factory Orders Hit Historic High 
Big European Banks Get Prodded on Climate Promises 
Rapes of U.S.-Bound Migrants Make a Treacherous Route Even More Dangerous 
Louisiana, Northeast See Progress a Week After Hurricane Ida 
Delta Variant Trips Up NYC Labor Day Return to Normal 
Taliban Claim to Have Conquered Last Pocket of Resistance in Afghanistan 
Biden Seeks to Shift Focus to Domestic Issues After Afghanistan Exit 
Big Boeing Customer Says It Is Walking Away From New MAX Order 
TotalEnergies to Invest $27 Billion in Iraq 
Goldman Sachs's Petershill Plans London Listing 
Instacart Goes Deeper Into Digital Advertising as Grocery Delivery Slows 
Chinese Tech Giant JD.com Founder Richard Liu to Step Back From Daily Business 
 
 

(END) Dow Jones Newswires

09-06-21 2316ET

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