← Go back May 05, 2023
Asian markets were poised to climb on Monday after a chaotic week for financial markets ended Friday with a rebound in U.S. regional banks and a rally in risk assets. Solid jobs data has tempered fears of a U.S. recession, improving sentiment that saw treasuries fall and Wall Street’s favorite volatility gauge, the VIX, snap a four-day surge. Equity futures pointed to gains of slightly less than 1% in Hong Kong and Australia. Contracts for Japan were marginally lower as traders there return from national holidays. The advance on Wall Street on Friday halted the S&P 500’s longest losing streak since February, with the gauge climbing 1.9%. The KBW Bank Index of financial heavyweights rebounded from its lowest since September 2020. The Nasdaq 100 rose 2.1%, with strong earnings at Apple Inc. helping lift the megacap tech space as the world’s most-valuable company climbed almost 5%. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.44%. Crude prices were trading above $75-mark, while Bitcoin declined below 29,000-level. At 05:44 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.30% at 18,178.5.Domestic benchmark indices—BSE Sensex and NSE Nifty 50—crashed after a stellar run to close at their lowest level in seven weeks, dragged lower by the HDFC twins.The Indian currency markets were closed on Friday on the occasion of Buddha Purnima.Foreign investors were net buyers for the seventh day in a row and bought equities worth Rs 777.68 crore. On the other hand, domestic institutional investors turned sellers after a day and sold stocks worth Rs 2,198.77 crore, the NSE data showed.Continue Reading. Read more on Markets by BloombergQuint.
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