- Mixed opening for APAC markets; as global cues hint towards different directions
- ASX200 marginally down; MSCI-APAC up by 40 bps
- Investors are bullish on US macro numbers, bearish on India’s COVID-19 situation
The equity markets in the Asia Pacific (APAC) region witnessed a muted opening for the week on Monday morning, due to mixed global cues.
Most of the APAC markets, except for Australia, New Zealand, and Indonesia, were trading marginally higher at the time of filing this copy.
Japan’s Nikkei 225 was up 29 basis points, while South Korea’s KOPSI was trading 58 bps higher.
On the other hand, Mainland China’s Shanghai composite was up 56 bps, while Hong Kong’s Hang Seng index was up 20 bps.
The Australian ASX200 was, however, trading marginally lower – with a loss of 7 bps.
Meanwhile, the broadest index of Morgan Stanley Capital International (MSCI) – MSCI APAC – was trading up 40 bps. The MSCI APAC, however, does not include the Japanese shares.
Even as the markets are expecting the US to announce blockbuster macro numbers, yet the concerns are pouring in from India, which is seeing second wave of COVID-19 turning into a tsunami, with more than 300,000 daily cases being reported for the past four days now. Despite this, the early numbers show that Indian market will open in green on Monday, as SGX Nifty – the futures of Nifty 50 traded in Singapore – was up 123 bps.
The US dollar, meanwhile, was on a weaker side. The US dollar index, which tracks the greenback against a basket of six other currencies (Euro, Swiss Franc, Japanese Yen, Canadian dollar, British pound, and Swedish Krona), was down to 90.761.