Asia markets were set to trade mixed at the open on Monday as investors continue to watch for developments on issues such as the coronavirus pandemic.
Futures pointed to a mixed open for Japanese stocks. The Nikkei futures contract in Chicago was at 22,350 while its counterpart in Osaka was at 22,760. That compared against the Nikkei 225’s last close at 22,751.61. The Bank of Japan’s Summary of Opinions for its July meeting is set to be released around 7:50 a.m. HK/SIN on Monday.
Shares in Australia were set for a lower open. The SPI futures contract was at 5,972, as compared to the S&P/ASX 200’s last close at 6,024.
Investor attention will likely be on lawmakers stateside as they attempt to push forward on another coronavirus stimulus package. U.S. Treasury Secretary Steven Mnuchin said Sunday that Republicans have finalized a bill worth about $1 trillion in coronavirus relief funds.
Globally, more than 16 million people have been infected by the coronavirus, with the U.S. accounting for roughly a quarter of that figure, according to data compiled by Johns Hopkins University.
U.S.-China tensions, which took center stage last week as mainland Chinese stocks plunged on Friday amid a sharp exchange of words between the two economic powerhouses, will also continue to be monitored by investors.
“Intermittent spikes in US‑China tensions are likely to become the norm as the 3 November US Presidential election nears,” economists at Commonwealth Bank of Australia wrote in a morning note.
On the economic data front, China’s industrial profits for June is set to be released around 9:30 a.m. HK/SIN on Monday.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.399 after slipping from levels above 96 last week.
The Japanese yen traded at 106.03 per dollar after strengthening sharply late last week from levels above 106.5 against the greenback. The Australian dollar changed hands at $0.7098 following its rise from levels below $0.702 last week.
Here’s a look at what’s on tap:
- China: Industrial profits for June at 9:30 a.m. HK/SIN