Asian stocks climbed Thursday after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flareups.
Shares rose Hong Kong, South Korea and China. Japan is shut for a holiday. U.S. futures edged up after the S&P 500’s biggest back-to-back advance in two months, led by cyclical stocks like energy and financials.
India’s SGX Nifty 50 Index futures for July delivery rose 1%, while MSCI Asia Pacific Index gained 0.8%. The NSE Nifty 50 Index fell 0.8% Tuesday. Markets were closed on Wednesday for a holiday.
Ten-year Treasury yields headed toward 1.3% as the recent bond rally fizzled. A 20-year debt auction fared poorly. Cash Treasuries won’t trade in Asia due to the Japan holiday. Australia’s and New Zealand’s 10-year yields jumped.
Oil held a two-day gain to trade around $70 a barrel. Bitcoin hovered at $32,000 after getting a boost from prominent voices including billionaire Elon Musk, who said his space exploration company SpaceX owns the digital token.
Back home, Bajaj Finserv, Ceat, Jubilant Foodworks, Havells, Gland Pharma, ICICI Securities may react as the companies reported quarterly results after the market closed Tuesday.
Bajaj Auto, Hindustan Unilever, UltraTech, Hindustan Zinc are among the companies scheduled to report earnings Thursday. Bajaj Auto among companies holding their annual shareholders’ meeting.
Foreign investors sold net Rs 2,280 crore of stocks on July 19, according to NSDL website.