· Asian shares kick-off week on cautious note as COVID-19 cases spike
Asian shares got the week off to a cautious start on Monday, with Chinese markets holding steady, as a spike in coronavirus cases across the region over the weekend hurt investor sentiment while oil hovered around 2-1/2 year highs.
MSCI's broadest index of Asia-Pacific shares outside Japan was last a shade weaker at 702.57. Australian shares (.AXJO) slipped 0.2%. South Korea's benchmark KOSPI (.KS11) was barely changed as was Japan's Nikkei (.N225).
Investors were concerned about a spike in coronavirus infections in Asia with Australia's most populous city of Sydney plunging into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned.
Indonesia is battling record high cases while a lockdown in Malaysia is set to be extended. Thailand too announced new restrictions in Bangkok and other provinces.
· Japan's Nikkei ends flat as investors cautious ahead of U.S. data
Japan’s benchmark Nikkei index ended flat on Monday, weighed down by chip-related stocks tracking a muted Nasdaq trade in the previous session, while investors were also cautious ahead of key U.S. economic data due later this week.
The Nikkei was flat at 28,084.02 at the close, while the broader Topix edged up 0.15% at 1,965.67.
The Topix Growth Index slid 0.05%, while the Topix Value index rallied 0.35%.
· China's blue-chip index firms as technology stocks shine
Technology stocks helped China’s blue-chip index gain on Monday as investors hoped for continued policy support, while the Shanghai Composite index was pressured by a fall in financial firms.
The CSI300 index rose 0.1% to 5,246.82 points at the end of the morning session, while the Shanghai Composite index lost 0.1% at 3,605.58 points.
Data released Sunday by China’s National Bureau of Statistics showed profits at China’s industrial firms rose 36.4% in May as compared with a year earlier. That was a slowdown from the 57% year-on-year growth posted in April.
· Malaysian, Thai stocks slide 1% on tighter virus curbs
Equities in Malaysia and Thailand led losses among emerging Asian stock markets on Monday, as the two
Southeast Asian countries ramped up restrictions to control rising domestic coronavirus infections.
Malaysian stocks dropped as much as 1.2% to their lowest since Nov. 10, 2020, after Prime Minister Muhyiddin Yassin said on Sunday the national lockdown that was set to end on Monday would be extended till daily cases fell below 4,000.
Thai stocks were on track for their eighth consecutive session of losses, with the benchmark falling as much as 1.1% to its lowest in over a month. The baht lost 0.3%.
The government on Sunday announced new restrictions centred around the capital Bangkok in a bid to tackle the country's worst coronavirus outbreak.
· Indian shares edge lower as tech losses outweigh gains in pharma
Indian shares inched lower on Monday, as losses in information technology stocks outweighed gains in pharmaceuticals, with investors also taking cues from a cautious sentiment in the broader Asian markets amid a lack of domestic triggers.
The blue-chip NSE Nifty 50 index was down 0.15% at 15,836.30, while the benchmark S&P BSE Sensex lost 0.21% to 52,814.25.
· European markets mixed as Covid cases weigh on global sentiment
European stocks were muted on Monday morning, reflecting mixed sentiment in Asia-Pacific markets overnight as investors monitored rising Covid-19 around the globe.
The pan-European Stoxx 600 hovered around the flatline in early trade, with travel and leisure stocks dropping 1.4% while chemicals added 0.4%.
The muted start to the week for Europe echoes similar sentiment elsewhere; stocks in Asia-Pacific were mixed in Monday trade after official data showed that China’s industrial profits for May slowed.
· Stock futures little changed as S&P 500 looks to hold on to record
Futures contracts tied to the major U.S. stock indexes rose early Monday morning after the S&P 500 notched its best week since February, as well as a new record, on Friday.
Futures tied to the S&P 500 hovered above the flatline and those linked to the Dow Jones Industrial Average rose 14 points. Nasdaq 100 futures also traded mildly higher.
Reference: CNBC, Reuters
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