Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Asian shares sluggish, oil drifts lower
BackBack

Asian shares sluggish, oil drifts lower

Asian shares mixed as Wall St ekes out slight bounce; major currencies range-bound amid US rate uncertainty

Japan’s Nikkei dithered on either side of zero though there was some talk of demand for the new month and quarter. Seoul edged 0.2% into the black. Photo: Reuters Premium
Japan’s Nikkei dithered on either side of zero though there was some talk of demand for the new month and quarter. Seoul edged 0.2% into the black. Photo: Reuters

Sydney: Asian stock markets were subdued on Monday in a week book-ended with Easter holidays across the globe and a US jobs report that could affect the timing of the first hike in interest rates there.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.4%, with Australia’s main index down 1.4% amid weakness in commodity prices.

Japan’s Nikkei dithered on either side of zero though there was some talk of demand for the new month and quarter. Seoul edged 0.2% into the black.

Federal Reserve Chair Janet Yellen on Friday reaffirmed that rates would likely start rising later this year but emphasised the pace of tightening would be gradual and data-dependent.

The conditional outlook helped nudge longer-dated Treasury yields lower and left the dollar listless for the moment. It fetched ¥119.19 on Monday, a whisker higher than at the end of last week and short of the near eight-year peak of 122.04 set early this month.

The euro eased a touch to $1.0877, having in the last two weeks pulled up from a 12-year trough of $1.0457.

On Wall Street the Dow ended Friday up 0.19%, while the S&P 500 gained 0.24% and the Nasdaq 0.57%.

Shares in Intel Corp jumped on reports it was in talks to buy rival Altera Corp, sending the PHLX semiconductor index up 2.8%.

Oil had retreated 5% on Friday as Yemen’s conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market.

On Monday, US crude was 43 cents lower at $48.44 a barrel. Brent eased 14 cents to $56.27 a barrel.

The data diary in Asia was rather sparse, with Japan reporting a disappointing decline in industrial output for February. Figures on German inflation, European confidence and US personal income and spending are due later in the session.

Flash inflation data for the euro zone are due Tuesday and manufacturing surveys on China are out the day after. That should be just an appetiser for Friday’s US payrolls report.

Economists polled by Reuters are forecasting a healthy 244,000 rise in non-farm payrolls in March. If confirmed, it would be the 13th straight month of job gains of over 200,000, a run not seen since 1994-95.

The market reaction will be complicated by holidays across much of the western world on Friday. Only some US markets will be open and then only for shortened hours.

Investors will again have to keep a wary eye on Greece and its talks with international creditors where the parties are struggling to come up with a list of acceptable reforms.

Greece will run out of money by April 20 if it does not secure funding from its European partners, a source familiar with the matter told Reuters last week.

Rating agency Fitch cut Greece’s credit status on Friday due to uncertainty over the release of aid. Reuters

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 30 Mar 2015, 09:06 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App