Most Asian stocks rose with U.S. equity futures Monday as some of the concerns over China’s regulatory crackdown eased and progress on a U.S. infrastructure spending plan aided sentiment.
Equities jumped in Japan and Australia, where Afterpay Ltd. surged after digital-payments platform Square Inc. agreed to buy the buy-now, pay-later company. Futures on the S&P 500 and Nasdaq 100 climbed, with a $550 billion infrastructure package getting closer to passage in the Senate this week.
India’s SGX Nifty 50 Index futures for Aug. delivery rose 0.8% to 15,895.50, while MSCI Asia Pacific Index +0.6%. The NSE Nifty 50 Index fell 0.1% Friday to 15,763.05.
Hong Kong and China posted modest drops. Beijing is pushing ahead with a crackdown on everything from technology to private education and property, leading the U.S. Securities and Exchange Commission to halt initial public offerings of Chinese firms pending better risk disclosures. Its Chinese counterpart called for more communication to find a resolution.
Crude oil retreated as traders assessed the demand outlook and an uptick in tensions between Iran and the U.S. after an attack on an Israel-linked oil tanker. Bitcoin slipped back below $40,000.
Back home, UPL, BHEL, Britannia, Bandhan Bank, NTPC, Cholamandalam, Shriram Transport, Lodha, Equitas Small, Blue Dart, IDFC First, Finolex Industries may react as the companies reported quarterly results after the market closed Friday.
HDFC, PNB, RBL Bank, Emami, Castrol are among the companies scheduled to report earnings Monday. Titan, Tata Metaliks, Carborundum, Wockhardt are holding their annual shareholders’ meeting. Foreign investors sold net Rs 183 crore of stocks on July 29, according to NSDL website.