- Asian equities trades mixed amid a light calendar, off in Australia and New Zealand.
- Global leaders come to rescue New Delhi from the COVID-19 storm.
- S&P 500 Futures print mild gains amid vaccine, stimulus hopes.
- German IFO, US Durable Goods Orders can entertain momentum traders.
With a lack of major data/event, not to forget extended weekend in Pacific majors, markets in Asia remain lackluster, ex-India, during early Monday. While the coronavirus (COVID-19) woes join the geopolitical tussles keep the bulls away, expectations of faster economic recovery and fewer hardships for US President Joe Biden’s $2.25 trillion infrastructure spending backtest the bears.
Indian traders cheer the UK’s readiness to send ventilators and other infrastructures, as well as the US offer for vaccines and other raw materials for the jabbing, not to forget Saudi Arabia’s help of liquid oxygen, while struggling with the pandemic. France, Germany and Russia are also up for helping their friend in Asia, which in turn propels India’s BSE Sensex up 1.55% intraday by the press time.
However, the mood is sober elsewhere as the MSCI’s index of Asia-Pacific shares outside Japan rises 0.66% while Japan’s Nikkei 225 shrugs off the third emergency in four prefectures, including Tokyo, as it rises 0.55% by the press time. Elsewhere, Aussie and Kiwi markets stay dull amid a bank holiday due to ANZAC Day.
Further, Chinese markets also trade mixed amid global ire over Xinjiang and the South China Sea. The downbeat performance could also be traced to the stocks in Indonesia and the Philippines.
S&P 500 Futures, on the other hand, rises 0.10% by the press time as markets cheer lifting of the ban on the Johnson & Johnson vaccines as well as the White House comments suggesting only 30% of Americans will be affected by Biden’s tax hike proposal. Further, a survey by NBC also backed the passage of the much-awaited stimulus.
Looking forward, a lack of major data/events can keep traders searching for fresh catalysts. However, German IFO sentiment figures for April and the US Durable Goods Orders may back the bulls.
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