Asia-Pacific stocks opened higher on Monday as investors looked forward to this week’s central bank meetings and a fresh batch of corporate earnings reports.
Japan(NKY:IND) +2.13%. Stronger yen The dollar traded near $153 on Monday as investors braced for the Bank of Japan’s latest policy decision this week.
China (Shanghai Composite Index) +0.09%. The index gave up the previous session’s gains as uncertainty over China’s economy continued to weigh on sentiment, with traders taking a cautious stance ahead of an important Politburo meeting.
In the first six months of 2024, profits of Chinese industrial companies increased by 3.5% year-on-year to 3.51103 billion yuan, up from 3.4% in the previous quarter.
Hong Kong (Hang Seng Index) +1.58%. Hong Kong stocks rose for a second straight session as all sectors rose. Traders are also eager to add new positions amid optimism that a Politburo meeting this month or later this year could introduce new measures to support China’s economy.
India (SENSEX) +0.37%. Indian stocks rose for a second straight session and hit a record high, supported by gains in real estate, banking and oil and gas stocks.
Australia (AS51) +0.86%. The S&P/ASX 200 index rose for a second straight session as investors cautiously awaited domestic inflation data this week for guidance on the outlook for the Reserve Bank of Australia’s monetary policy.
All three major U.S. stock indexes closed higher on Friday as slowing inflation heightened expectations for a possible interest rate cut in September.
U.S. stock futures rose on Monday as investors looked ahead to another batch of earnings reports from Big Tech companies +0.40%; S&P 500 Index +0.53%; Nasdaq +0.73%.
Next week: Market participants await the Federal Reserve’s interest rate decision and non-farm payrolls report. In China, manufacturing and services PMI will be closely watched. Globally, the Bank of England, the Bank of Japan and the Bank of Brazil will provide updates on monetary policy.
Bitcoin surged to $70,000, threatening to reach a key level for the first time in six weeks, after US presidential candidate Donald Trump added support for the cryptocurrency during his keynote speech at the Bitcoin 2024 conference.
Meanwhile, rising geopolitical tensions in the Middle East after Israel promised strong retaliation against Hezbollah also supported safe-haven assets such as gold.
currency: (Japanese yen: U.S. dollar), (RMB: U.S. dollar), (Australian dollar: U.S. dollar), (Indian rupee: U.S. dollar), (Hong Kong dollar: U.S. dollar), (New Zealand dollar: U.S. dollar).