Singapore: Asia-Pacific markets opened on a positive note on Monday, rebounding after a turbulent week marked by significant sell-offs and a strong recovery, particularly in Japanese stocks.
In contrast, U.S. stock futures pointed to a lower start, as investors braced for critical inflation data set to be released later this week. On Friday, major Wall Street indices managed to claw back some losses from the previous week’s downturn. The Dow Jones Industrial Average finished Friday down 0.6 percent, while the S&P 500 saw a slight decline of 0.04 percent, and the Nasdaq Composite edged down by 0.18 percent.
Investors in Asia are also keenly awaiting key economic indicators from India, where traders are set to analyse inflation and industrial output data. According to a Reuters poll, economists anticipate a sharp decline in India’s year-on-year consumer price index (CPI) inflation for July, predicting it will fall to 3.65 percent from 5.08 percent in June. Industrial output for June is expected to come in at 5.5 percent, a slight decrease from May's 5.9 percent.
In the corporate sector, Indian multinational conglomerate Adani Group faced pressure, with its stocks trading lower following fresh accusations from U.S.-based short-seller Hindenburg Research. The report accused Madhabi Puri Buch, the head of India's market regulator, of a conflict of interest due to previous investments in offshore funds linked to the Adani Group. This has cast doubt on the integrity of an earlier probe into fraud allegations against the conglomerate. Adani Enterprises, the group's flagship company, saw its shares drop nearly 5 percent before recovering slightly, closing down 1.5 percent . Buch has reportedly dismissed the allegations as baseless
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