A moneylender counts Indian rupee notes at his shop in Ahmedabad, India.
Amit Dev | Reuters
Asia-Pacific markets rose on Monday, following a roller coaster week that saw a sharp selloff followed by a sharp recovery, especially in Japan.
U.S. benchmark futures were lower as investors awaited key inflation data due later this week. Major Wall Street indexes rose on Friday as they rebounded sharply from last week’s market rout.
The Dow Jones closed down 0.6% on Friday, the S&P 500 fell slightly by 0.04%, and the Nasdaq, which is dominated by technology stocks, closed down 0.18%.
In Asia, traders will assess inflation and industrial output data from India on Monday.
Economists polled by Reuters expect India’s annual CPI inflation rate to drop sharply to 3.65% in July from 5.08% in the previous month.
Meanwhile, India’s industrial output in June is expected to be 5.5%, slightly lower than May’s 5.9%.
Shares of Indian multinational group Adani Group fell after U.S. short seller Hindenburg Research accused the head of India’s chief market regulator of having a conflict of interest with the group.
The company’s flagship Adani Enterprises fell nearly 5% before recovering and was last down 1.5%. The benchmark Nifty 50 index rose 0.30%.
Hindenburg claimed that Madhabi Puri Buch, chairman of India’s markets regulator, had invested in some offshore funds also used by Adani Group in the past, adding to fraud allegations leveled against the group earlier this year. investigation has been questioned.
Bucher reportedly called the report’s allegations baseless.
Australia’s S&P/ASX 200 index rose 0.45%. Australian consumer electronics retail company JB Hi-Fi’s share price rose more than 8% after announcing its full-year results.
Despite a fall in net profit after tax, the company declared a special dividend of 80 cents per share (53 cents per share), driven by an “increased net cash position and a large bonus credit balance”.
South Korea’s Kospi and small-cap Kosdaq rose about 1%. Major Korean chip manufacturer SK hynix up 3.4%.
According to local media reports, data released by South Korea’s Ministry of Industry and Korea International Trade Association on Sunday showed that South Korea’s memory chip exports to Taiwan increased by 225.7% year-on-year in the first half of this year.
Market observers attribute the surge in exports to SK Hynix’s supply of high-bandwidth memory chips to the U.S. AI chip giant NVIDIAusing Taiwan Semiconductor Manufacturing Company for chip manufacturing.
Mainland China’s CSI 300 Index fluctuated and rose 0.1%, while the Hong Kong stock market Hang Seng Index up 0.2%.
Japanese markets were closed for a holiday.
—CNBC’s Tanaya Macheel contributed to this report.
