· Dollar, U.S. yields gain, Asian shares held back by Delta worries
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The dollar index rose to its highest since mid July, gaining against the yen , while the euro neared year-to date lows against the greenback.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.08% in Asian trading, with Chinese bluechips (.CSI300) down 0.38% Korea's KOSPI (.KS11) down 0.37%.
· Chinese stocks rise as shares of indebted property developer Evergrande and its units soar
Mainland Chinese stocks edged higher in early trade on Wednesday, as shares of its most indebted property developer Evergrande and some of its units soared.
Meanwhile, oil stocks in the region jumped on the back of higher oil prices.
The Shanghai composite rose 0.27%, while the Shenzhen component was up 0.15%. Hong Kong’s Hang Seng index rose 0.21%.
Shares of China’s most indebted developer, Evergrande, jumped more than 8%, after the company said in a filing that it was in discussions to sell stakes in its units which include Evergrande Property Services and Evergrande New Energy Vehicle Group.
Shares of Evergrande Property Services surged more than 16%, while the new energy vehicle unit jumped more than 8%.
Japan’s Nikkei 225 climbed 0.51%, while the Topix jumped 0.9%. South Korea’s Kospi dipped 0.65%.
The S&P/ASX 200 in Australia was up 0.32%.
Meanwhile, Singapore’s Straits Times index dipped 0.68%.
Singapore’s trade and industry ministry said Wednesday that the economy grew 14.7% in the second quarter compared to a year ago, better than official advance estimates of a 14.3% expansion. The country also expects its economy to grow between 6% and 7% in 2021, an upgrade from past projections of 4% to 6%.
· Malaysia end-July palm oil stocks slump to 4-month low as output shrinks
Malaysia's palm oil stockpiles hit a four-month low at July end, falling below expectations, as production and imports shrank, according to data released by the country's palm oil board on Wednesday.
Inventories at the world's second largest producer fell 7.3% from June to 1.5 million tonnes, its first decline in five months, the Malaysian Palm Oil Board (MPOB) data showed.
A Reuters survey had forecast inventories to rise 1.6% to 1.64 million tonnes.
MPOB data showed production declining 5.17% from June to 1.52 million tonnes, its lowest since April, as a labour shortage continue to delay harvesting amid the peak production season.
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The pan-European Stoxx 600 hovered just above the flatline in early trade, with health care stocks adding 0.4% while travel and leisure fell 0.8%.
At the bottom of the index, Thyssenkrupp fell more than 6% after posting a 266 million euro quarterly profit, but warned that its steel division was lagging.
· Dutch bank ABN Amro resumes dividend payments as Q2 net profit beats
· Stock futures mostly flat after Dow, S&P close at all-time highs
U.S. stock index futures were flat early on Wednesday, after the Dow and S&P 500 closed at record highs following the Senate passing the $1 trillion infrastructure bill.
Futures contracts tied to the Dow Jones Industrial Average edged slightly lower. S&P 500 futures and Nasdaq 100 futures were flat.
· Analysis: Investors look under the radar for winners from U.S. infrastructure bill
Investors are ramping up the search for stocks that could benefit from a potential splurge in infrastructure spending, as a $1 trillion bipartisan bill clears the Senate and heads to Congress later this year.
Money managers snapping up shares of companies expected to benefit from infrastructure spending have already helped push up the S&P 500’s materials and industrial sectors, which have both gained around 18% year-to-date, broadly in line with the benchmark index.
· India, U.S. seeing fund inflows after China crackdown - Mark Mobius
India, the United States and parts of other emerging markets have seen fund inflows redirected from China as recent regulatory crackdowns in the world’s second-biggest economy have spooked markets, according to veteran investor Mark Mobius.
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