Asian stocks were broadly steady Wednesday after U.S. equities inched lower as the tussle between economic optimism and inflation concern continues to play out in markets.
Japanese stocks led modest regional gains, while Hong Kong and China slipped. U.S. equity contracts were flat after the S&P 500 and Nasdaq 100 closed with small losses.
India’s SGX Nifty 50 Index futures for June delivery fell 0.1% to 15,615.00, while MSCI Asia Pacific Index up 0.2%. The NSE Nifty 50 Index fell less than 0.1% Tuesday to 15,574.85.
Oil rose to a more than two-year peak, with OPEC+ providing an upbeat demand assessment and the prospect of a speedy return of Iranian barrels waning.
The dollar was steady in Asian trading. The Turkish lira fell to another record low against the greenback after President Recep Tayyip Erdogan renewed calls for lower interest rates. Australia’s dollar led Group of 10 performance amid robust economic growth data and the commodity rally.
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Back home, ITC, Gujarat Gas may react as the companies reported quarterly results after the market closed Tuesday. Motherson Sumi, PVR, Muthoot Finance are scheduled to report earnings Wednesday. Foreign investors bought net Rs 5,160 crore of stocks on May 31, according to NSDL website.
