Most Asian stocks traded within a narrow range on Tuesday, as investors remained cautious ahead of key economic data releases later this week. However, Japanese markets saw a significant uptick following an extended weekend.
Regional markets received mixed signals from Wall Street’s flat close overnight, as traders awaited the highly anticipated U.S. inflation data, which is expected to have a substantial impact on market movements this week.
U.S. stock index futures remained flat during Asian trading hours, with the upcoming U.S. Consumer Price Index (CPI) data taking center stage as the most significant market focus this week.
Nikkei, TOPIX Surge in Catch-Up Trade, GDP in Focus
Japan’s Nikkei 225 and TOPIX indexes surged by 2.3% and 1.8%, respectively, continuing a rebound that began late last week.
Both indexes had entered bear market territory last week following hawkish signals from the Bank of Japan (BOJ). However, less aggressive comments from some BOJ officials and a weaker yen helped Japanese stocks recover a large portion of their losses.
Positive earnings reports, particularly in the chipmaking sector, also boosted investor sentiment.
This week, the focus shifts to Japan’s gross domestic product (GDP) data for the second quarter. Traders will be closely monitoring for signs of growth improvement, especially after the Japanese economy contracted more than expected in the first quarter, which had negatively impacted market sentiment. Any signs of economic recovery could provide the BOJ with more room to raise interest rates further this year.
Chinese Stocks Lag as Earnings and Economic Data Loom
Chinese markets underperformed, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes trading in a flat-to-low range on Tuesday. Hong Kong’s Hang Seng index also remained largely unchanged.
Some of China’s largest companies are set to report their quarterly and half-year earnings this week, including Hong Kong-listed majors such as Tencent Holdings Ltd, Alibaba Group, JD.com, CK Group members, and China Unicom.
Investors will be keen to see how these Chinese firms have fared amid the country’s challenging economic conditions.
Beyond earnings, attention is also focused on China’s industrial production and retail sales data, due on Thursday, which will provide further insights into the state of the country’s economy.
Indian Stocks Eye Muted Open Amid Adani Group Scrutiny
Futures for India’s Nifty 50 index indicated a slightly negative open, following a volatile trading session on Monday that ended with the index closing lower.
Market sentiment in India was shaken by allegations of collusion between India’s securities regulator and the Adani Group, raised by short-seller Hindenburg Research.
Shares of Adani Group companies declined on Monday, with losses in the group’s flagship Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd dragging down India’s stock benchmarks.
Indian markets are also adjusting to a slightly more hawkish stance from the Reserve Bank of India last week.
Broader Asian stocks were mostly subdued. Australia’s ASX 200 rose 0.2% following data that showed a slight improvement in consumer sentiment in August, while South Korea’s KOSPI dipped 0.1%.
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