Asian markets opened higher on Monday and U.S. stocks extended their mid-summer rebound on Friday, with the dollar and some longer-term Treasury yields dipping, as Wall Street cheered positive corporate news in spite of increased labour costs and continued inflation.
Asia Factory Activity Tumbles on Supply Snarls and Weaker Demand
Purchasing managers’ indexes for South Korea and Taiwan took the biggest hit, according to S&P Global.
South Korea’s July PMI slumped to 49.8 from 51.3 in June, its lowest reading since September 2020. New orders contracted and weakened the most in nearly two years while output volumes slid at the fastest pace for nine months due to shortages of materials and rising costs.
Taiwan’s PMI reading fell to 44.6 from 49.8 while output fell to 40.2 from 45.9 in June. The PMI, output and new orders were at their weakest since May 2020.
PM may open carbon trade platform on 15 August
Prime Minister Narendra Modi may launch a national carbon trading platform on 15 August as India presses ahead with its climate commitments, two people aware of the development said. The government may also come up with guidelines where carbon trading would be obligatory for some sectors.
There are generally two types of carbon market—compliance and voluntary. The Centre’s move would make it a compliance market for some sectors, the people cited above said on the condition of anonymity. (Full Report)
RIL’s retail arm on a hiring overdrive
Reliance Industries Ltd’s retail arm is scouting for as many as 200 senior executives, vice-president level and above, with annual salaries of ₹1 crore or more and thousands of other junior and mid-level executives, recruiters said. Reliance Retail added over 17,000 jobs in the quarter for a total of 379,000, according to its latest earnings announcement
Tokyo shares open slightly higher; China, Hong Kong index in red.
Tokyo stocks edged up in early trade on Monday, extending rallies on Wall Street as traders eyed upcoming corporate earnings. The benchmark Nikkei 225 index gained 0.05%, or 14.52 points, to 27,816.16 at the open, while the broader Topix index added 0.14%, or 2.63 points, to 1,942.94.
Shanghai Composite and Hang Seng index opened in red and were down 0.2% and 1%, respectively.
Big tech, oil extend Wall Street’s mid-summer rebound
U.S. stocks extended their mid-summer rebound on Friday, with the dollar and some longer-term Treasury yields dipping, as Wall Street cheered positive corporate news in spite of increased labour costs and other indicators of continued inflation.
The Dow Jones Industrial Average (.DJI) rose around 1%, the S&P 500 (.SPX) gained about 1.4% and the Nasdaq Composite (.IXIC) added nearly 2%. The S&P 500 and Nasdaq have now posted their biggest monthly percentage gains since 2020.
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