Asian stocks and U.S equity futures were steady as reports signalled an ongoing expansion in regional manufacturing despite Covid-19 flareups.
Japanese shares fluctuated amid lower-than-average volumes, while export growth bolstered South Korean stocks. China dipped at the open while Hong Kong equities drifted. S&P 500 and Nasdaq 100 futures were little changed following a U.S. holiday.
India’s SGX Nifty 50 Index futures for June delivery rose 0.4% to 15,645.00, while MSCI Asia Pacific Index +0.2%. The NSE Nifty 50 Index added 1% Monday to 15,582.80.
The dollar weakened against its Group of 10 peers and Asian currencies. The offshore yuan remained resilient after China forced banks to keep more foreign currencies in reserve for the first time in over a decade, its most substantial move yet to rein in a surging currency. The pound rallied to a three-year high on vaccine-led reopening optimism for the U.K.
Oil climbed as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its current plan. Gold had its biggest monthly advance since July and most industrial metals gained.
Back home, Magma Fincorp, Honeywell Automation, Jamna Auto, Ingersoll Rand, Narayana Hrudayalaya may react as the companies reported quarterly results after the market closed Monday. ITC, Gujarat Gas are among the companies scheduled to report earnings Tuesday.
Automobile companies are releasing sales data for May today, the first day of the month. Markit India manufacturing PMI data for May to be released; IMD to forecast on 2021 Southwest Monsoon. Foreign investors bought a net Rs 421 crore of stocks on May 28, according to NSDL website.
