Asian markets surge ahead of ECB meeting; Hang Seng index outperforms

The stock markets in Japan are closed on Thursday for a holiday.

Jul 22, 2021 12:07 IST India Infoline News Service

Stock Market
Asian markets surged on Thursday with Hong Kong’s Hang Seng index was among the biggest gainers regionally, rising 1.63%. Investors in the region are awaiting the latest monetary policy announcement from the European Central Bank on Thursday.

Mainland Chinese stocks edged higher, with the Shanghai Composite climbed 0.33% while the Shenzhen component rose fractionally. South Korea’s Kospi gained 1.07% in afternoon trade and the S&P/ASX 200 in Australia advanced 1%.

The stock markets in Japan are closed on Thursday for a holiday.

US equities recovered sharply in the last two days as strong earnings beat reported by corporates and buy on dips in an improving economy trend overshadowed concerns with regards to spreading of delta plus variant in various parts of the world. Strong earnings from companies like IBM, Coca Cola, Johnson & Johnson, etc. reminded investors that business and economy are still improving.

Overnight stateside, the Dow Jones Industrial Average gained 286.01 points to 34,798 while the S&P 500 rose 0.82% to 4,358.69. The Nasdaq Composite advanced 0.92% to 14,631.95.

Further, while daily caseload has been increasing in many countries for the last couple of days, any stringent restriction is unlikely this time due to satisfactory progress on vaccination.

10-Year US Treasury yield rose almost 7 bps yesterday to 1.29% but continues to remain at a comfortable level.

Today jobless claim data will be keenly watched out for.

Meanwhile, oil prices were lower with international benchmark Brent crude futures falling 0.42% to $71.93 per barrel. U.S. crude futures slipped 0.4% to $70.02 per barrel.

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