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Asian equities fell and major currencies gained against the dollar in a cautious opening this week after further weakness on Wall Street and a challenging message to the world from China’s Communist Party congress.

Stocks declined in Japan, Australia and South Korea while futures for Hong Kong fell. Contracts for the S&P 500 and Nasdaq 100 rose after falling on Friday, as Treasury yields rose as inflation expectations rose next year. US yields fell slightly at the open in Asia.

At 6:35 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.96% to 17,047.50.

Chinese President Xi Jinping said the country’s global power had risen as he warned of a “dangerous storm” ahead. There are few signs of any let-up in the Covid-Zero campaign or housing market policies that are burdening the economy. Xi also said China would succeed in its fight to develop strategically important technologies amid rising tensions with the US.

Elsewhere, oil clawed back some losses after a weekly slump as worries about an economic slowdown continued to weigh on the demand outlook. Gold is little changed.

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