A bearish tone was seen in Asian markets as investors were left in a conundrum for equities after the US Treasury yields were at two-year high. Furthermore, a nosedive in global technology stocks left investors fretting about inflation and bracing for a stringent US monetary policy.
Crude oil prices were at a seven-year high on the back of pipeline outages from Iraq to Turkey, stoking fears of inflation causing a rise in the dollar and global tensions. Traders feared supply shortages after a drone attack on a fuel storage facility in the Middle East. Also, prices were higher on optimism of faster-than-expected global economic recovery from the Covid outbreak that could result in a surge of fossil fuels demand.
Australian market S&P/ASX lost around 1% in its level, while Japan’s Nikkei 225 underperformed counterparts with a steep fall of 2.8% as technology, Paper & Pulp, Railway & Bus and Real Estate sectors logged massive profit booking and worries over new restrictions due to rapid coronavirus outbreak added to woes
Ten-year yields pulled back from the 1.8900% level and were at 1.8860%, while five-year yields settled at 1.6795% which is the highest in two years.
South Korean market index Kospi shed nearly 1%, while China’s Shanghai Composite was marginally down. Hang Seng Index of Hong Kong was marginally up.
Gold prices logged downward trends and were trading at $1811.60 per ounce.
At the interbank forex market, the US dollar index strengthened at 95.760 points, while, the Australian Dollar surpassed its 5–day moving average at $0.71905, and sterling remained steady at 1.3601.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.