Stocks in Asia-Pacific were were mixed in Monday morning trade - Nirmal Bang
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Market Review
US:
The S&P 500 was down 1.9% at the closing bell in New York, ending the blue-chip benchmark’s worst week since October. The tech-heavy Nasdaq Composite sank 2%.
Asia:
Stocks in Asia-Pacific were were mixed in Monday morning trade as official data released over the weekend showed manufacturing activity in China growing at a slower pace in January.
India:
Investors lightened their portfolios and decided to sit on cash on Friday as they await Finance Minister Nirmala Sitharaman's third Union Budget presentation due on Monday, February 1. Sell-off intensified at the bourses after the Economic Survey pegged India's GDP growth in FY21 at -7.7% but saw real GDP growth at 11% in FY22. While the numbers were largely in-line with Street estimates, the Survey's emphasis on maintaining fiscal responsibility in a pandemic-hit year worried investors. Market is expected to open on a flattish note and likely to witness volatility during the day.
Global Economy:
China's factory activity grew at the slowest pace in five months in January, hit by a wave of domestic coronavirus infections, but still in line with the ongoing recovery in the world's second-largest economy. The PMI fell to 51.3 in January from 51.9 in December.
During the month several large cities were locked down with tens of millions tested for COVID-19, interrupting factory activity and weighing on the services sector, including logistics and transportation. U.S. consumer spending fell for a second straight month in December amid renewed business restrictions to slow the spread of COVID-19 and a temporary expiration of governmentfunded benefits for millions of unemployed Americans.
Consumer spending slipped 0.2% last month. Another drop in January is not expected as states, including New York and California, have started easing pandemic-related restrictions. But outlays on long-lasting manufactured goods, the main driver of spending during the pandemic, fell for a second consecutive month in December.
Commodities:
Oil was up Monday morning in Asia. However, a resurgence of COVID-19 globally continues to take an economic toll and dampen fuel demand. Gold followed silver higher, but has repeatedly stalled at resistance around $1,875.
Currency:
The safe-haven dollar found support at the start of a new week with traders remaining wary amid the battle on Wall Street between hedge funds and retail investors.
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