Asian Markets Mostly Higher; Oil Resumes Gains

Asian stocks were mixed as investors awaited an appearance by Federal Reserve Chair Janet Yellen for clues on the outlook for interest rates and the American economy. Oil held gains after a three-day rebound.

Japan’s Topix increased for a third day after the yen weakened on Monday. South Korean retailers jumped as consumer confidence reached a six-year high. Health-care stocks fell as Republican Senators struggled to find enough support for their plan to repeal Obamacare. Treasuries held an advance after an unexpected decline in U.S. orders for business equipment. Gold provided some drama after an apparently erroneous order triggered a plunge in the price and a surge in volume.

The weakness in U.S. durable goods data added to concerns about the strength of economic growth after the recent rout in the oil market and signs that inflation is trailing expectations. Some investors worry the Fed is taking too rosy a view of the economy as it sets the path for further interest-rate increases.

With little data on the calendar Tuesday, investors will focus on an address by Yellen for clues on policy. More reports are due later this week from around the globe — covering everything from inflation to employment, manufacturing and housing.

Global health-care stocks declined as at least three Republican senators said they would vote to block the current version of their party’s health-care bill from advancing. Brazilian President Michel Temer was charged with corruption in a highly anticipated development that may put the embattled leader of Latin America’s largest economy on trial. Temer, who has denied the charges, could lose his job if indicted and found guilty.

India and Singapore reopened after holidays while markets in Malaysia, Indonesia and most of the Middle East remain closed.

These are the main moves in markets:

Stocks

· Japan’s Topix climbed 0.5 percent as of 2:44 p.m. in Tokyo, poised for the highest closing level since August 2015.

· Australia’s S&P/ASX 200 Index slipped 0.1 percent and Singapore’s Straits Times Index increased 0.4 percent.

· South Korea’s Kospi added 0.2 percent, with E-Mart Inc. and Lotte Shopping Co. advancing more than 4 percent. Consumer confidence rose to the highest since January 2011 as exports grow and the new president’s policies on job creation spur optimism.

· Hong Kong’s Hang Seng and the Shanghai Composite Index retreated 0.2 percent.

· The NEXT FUNDS Ibovespa Linked Exchange Traded Fund, which tracks the Brazilian benchmark index, rose 0.6 percent in Tokyo trading.

· Futures on the S&P 500 Index were little changed. The underlying gauge rose less than one point on Monday. The Nasdaq 100 fell 0.4 percent.

Currencies

· The yen rose less than 0.1 percent to 111.79 per dollar, after losing 0.5 percent on Monday. The Bloomberg Dollar Spot Index was little changed after gaining 0.1 percent in the previous session.

· The British pound increased less than 0.1 percent to $1.2730. The currency is heading toward its fifth straight gain, which would be the longest winning streak since early December. The euro rose 0.1 percent to $1.1194.

Commodities

· West Texas Intermediate crude rose 0.2 percent to $43.45 a barrel, adding to a three-day rally following oil’s drop into a bear market.

· Gold advanced less than 0.1 percent to $1,245.47 an ounce. The precious metal sank almost 1 percent on Monday.



Bonds

· The yield on 10-year Treasuries was little changed at 2.14 percent, after dropping less than one basis point on Monday.

· Australian 10-year yields dropped two basis points to 2.36 percent.

Source: Bloomberg

The information provided here has been produced by a third party and does not reflect the opinion of Vipro Markets. Vipro Markets has reproduced the information without alteration or verification and does not represent that this material is accurate, current, or complete and therefore should not be relied upon as such. The Information is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. We advise any readers of this content to seek their own advice. Reproduction or redistribution of this information is not permitted.

Vipro Markets Review