Asian stock market: Trades mixed amid sluggish markets

• Asian stocks struggle for clear direction amid a light calendar and US off.
• China Caixin PMI, Aussie data flashed upbeat readings but failed to counter virus, Hong Kong worries.
• US registers the global record high, North Korea backs Beijing against America.

Asian equities struggle for a firm direction as mild risk-off mood prevails on the US Independence Day holiday. While portraying the same, the MSCI’s Index for Asia-Pacific shares outside Japan rises 0.74% whereas Japan’s Nikkei 225 gain 0.30% to 22,193 ahead of the European open on Friday.

Australia’s ASX 200 fails to cheer upbeat Retail Sales, down 0.05% to 6,031, amid China’s threat to levy tariffs on the Aussie beef. On the other hand, shares in the dragon nation benefit from upbeat Caixin Services PMI and North Korea’s support to counter the US in the Hong Kong issue. Furthermore, stocks in New Zealand also remain mildly bid amid an absence of coronavirus (COVID-19) resurgence.

Moving on, Indonesia’s IDX Composite also follows the likes of China after Bank Indonesia’s Deputy Governor Dody Budi Waluyo said that the Indonesian rupiah is likely to remain under pressure, as the second-wave of coronavirus outbreak intensifies. Additionally, South Korea’s KOSPI and India’s BSE Sensex are among others which cheer a lack of momentum and hints of further easing from the government, central banks to combat the virus woes.

On a different page, S&P 500 Futures drop 0.20% to 3,123 as we write. The US stock index weighs down as the US registers the third day of record surge in the pandemic data. Though, American President Donald Trump said its because of the huge testing.

Looking forward, the second readings of the activity numbers from Germany and the UK will occupy the calendar while qualitative catalysts could offer additional directives. Even so, an absence of the US market players becomes enough to anticipate a dull day for global equities, not only the Asia-Pacific region.