BENGALURU: Shares in major Asian emerging economies gained on Monday, while currencies were mostly lower, as markets switched focus to key US and regional data expected this week, seeking further clues to prospects for global economic growth.
Taiwan’s benchmark stock index led regional gains and was last up 1.4%, followed by South Korean shares, which jumped 1.2%.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.4%.
Currencies, on the other hand, were tepid, with the Malaysian ringgit and the South Korean won depreciating 0.5% and 0.6%, respectively, against the US dollar.
China is set to issue retail sales and industrial production figures on Thursday that are expected to show the economy continuing to underperform, underlining the need for more stimulus.
The Chinese yuan and Shanghai stocks were down about 0.2%, each.
Traders will also look forward to the Philippine central bank’s key policy rate decision on Thursday and Malaysia’s second-quarter gross domestic product data on Friday.
Bank of America analysts expect Malaysia’s second-quarter final GDP to be revised upwards by 30 basis points to 6.1% on a year-on-year basis, largely reflecting upward revisions for the services sector. They also see 2024 GDP closer to the upper end of the official 4%-5% forecast range.
The Philippine peso weakened 0.1%, while shares slipped 0.5%.
The Indian rupee was flat and stocks gained 0.2% ahead of key inflation data due later in the day.
Indonesian rupiah edged 0.3% lower and stocks in Jakarta were flat.
Markets in Thailand were closed for a public holiday.
Investors await readings on US consumer prices and retail sales for July, due later in the week, which could provide fresh evidence on the chances of a soft landing for the world’s top economy and further clues to the Federal Reserve’s monetary policy stance.
Comments
Comments are closed.