← Go back May 05, 2023
Asian markets are poised for a mixed opening as traders continue to look for clues of any breakthrough in Washington’s stagnant negotiations to avert a US default. While Japan and Hong Kong futures pointed to early gains, Australian stocks were set to open flat.U.S. stock market traded in a tight range on Monday, with equities making small gains ahead of a meeting between President Joe Biden and House Speaker Kevin McCarthy. Both factions have been sending mixed signals, while Treasury Secretary Janet Yellen reiterated her department could run out of cash as soon as June 1 unless Congress raises or suspends the federal debt limit.China’s central bank’s move to inject more long-term liquidity into the financial system for the sixth month may finally deliver a post-pandemic boost to economic growth. The mood is different in Japan, with Goldman Sachs Group Inc. saying solid fundamentals and expectations for structural changes “justify a bullish stance” on the nation’s equities, as the Topix approaches its highest level since August 1990.Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.59%. Crude edged above $75-mark, while Bitcoin advanced above 27,000-level. At 5:20 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.22% at 18,443.5.Domestic benchmarks rallied for the second day—closing at their highest levels since mid-December 2022—supported by the rise in real estate and media stocks.The Indian rupee closed lower against the U.S. dollar as the greenback grew stronger in the overseas market.Foreign investors were net buyers for the thirteenth straight day and bought equities worth Rs 1,685.29 crore. On the other hand, domestic institutional investors turned buyers, snapping a three-day selling streak, and bought stocks worth Rs 191.20 crore, the NSE data showed.Continue Reading. Read more on Markets by BloombergQuint.
Read more: bloombergquint
