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SINGAPORE – Stocks in Asia-Pacific looked set for a mixed start on Monday as investors anxiously await the release of a private survey of Chinese manufacturing activity in July.
Futures indicated a higher opening for Japanese stocks. The Nikkei Chicago futures was at 27,600 while its Osaka counterpart was at 27,490. This compares to the Nikkei 225’s last close at 27,283.59.
Australian stocks looked set to dip on the open. The SPI futures contract was at 7,337, against the last close of the S & P / ASX 200 at 7,392.60.
Investors will be watching Afterpay’s Australian shares after US financial technology firm Square announced it had agreed to buy the giant buy now, pay later.
Looking ahead, the Caixin / Markit Manufacturing Purchasing Managers Index for July is expected to be released at 9.45 a.m. HK / SIN on Monday.
China’s official manufacturing PMI released over the weekend showed slower growth in factory activity in July, with the figure for the month standing at 50.4 from 50.9 in June.
PMI readings above 50 represent expansion, while those below this level signal contraction. PMI readings are sequential and represent month-to-month expansion or contractions.
The Covid situation in the region could also weigh on investor morale. Other parts of Japan entered a Covid-19 state of emergency on Monday due to a spike in virus cases, according to the local Kyodo News agency.
Meanwhile, Chinese state media reported that governments at various levels across the country have taken virus containment measures following a resurgence of infections that are believed to have started in the city of Nanjing.
Currencies
The US dollar index, which tracks the greenback against a basket of its peers, was at 92.122 after falling recently from levels above 92.4.
The Japanese yen was trading at 109.74 per dollar, stronger than levels above 110 against the greenback seen last week. The Australian dollar changed hands at $ 0.7342, after slipping from levels above $ 0.738 late last week.
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