Asian stocks edged up at the open on Monday with traders keeping an eye on China Evergrande Group’s debt crisis and after Treasury yields jumped. The euro was steady amid a close German election.
Shares had modest gains in Japan, where the ruling coalition chooses a new leader this week who will probably be the next prime minister. Australia also rose, while South Korea was little changed. U.S. futures advanced. The Nasdaq Golden Dragon China Index, which tracks some of the Asian nation’s largest firms listed in the U.S., sank on Friday. The S&P 500 edged up to eke out a weekly gain.
India’s SGX Nifty 50 Index futures for September delivery rose 0.6% to 17,957.00, while MSCI Asia Pacific Index gained 0.5%. The NSE Nifty 50 Index gained 0.2% on Friday to 17,853.20.
Investors are also be watching bond yields. Ten-year Treasury yields broke through the top of a range that’s held since mid-July, surpassing 1.40% after hawkish messages last week from the Federal Reserve and the Bank of England. The dollar slipped.
The euro pared an earlier gain versus the dollar as the German election failed to produce a clear winner, raising investor concerns of a prolonged decision on the leadership of Europe’s biggest economy. Olaf Scholz of the Social Democrats inched ahead of Chancellor Angela Merkel’s conservatives.
Bitcoin was stable around $43,000. Digital currencies plunged Friday as China intensified its push to rein in crypto speculation and mining, but recovered much of the drop over the weekend.
Back home, BPCL, LIC Housing, Ujjivan Small are among companies holding their annual shareholders’ meeting. Foreign investors bought net Rs 616 crore of stocks on Sept. 23, according to NSDL website.