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Photo: AFP
Photo: AFP

Asian shares mixed, SGX Nifty drops 0.6% in early deals

  • SGX Nifty dropped 69.65 points at at 11,035.30

Deepening tensions between the U.S. and China are also likely to rein in risk appetite.

03 Aug 2020, 08:18:28 AM IST

Dollar Steady; Asian Stocks Set to Open Mixed

The U.S. dollar was mixed in early Asian trading Monday and the Australian dollar fell as the nation’s state hardest hit by the coronavirus tightened a lockdown. Equity futures pointed to a muted open amid spiraling Covid-19 cases.

Infections are picking up again in some U.S. states and a senior Federal Reserve official on Sunday urged Congress to act to support Americans laid off due to the pandemic and suggested a fresh lockdown. In Australia, Victoria state tightened restrictions and declared a state of disaster as cases skyrocket, while the Philippines imposed a stricter lockdown for capital Manila and nearby areas. Friday, U.S. stocks extended their July rally amid a surge in technology shares and talks over a virus-relief package. Treasuries climbed.

Signs the economic rebound is stalling and nations are again mulling lockdowns as the virus spreads unabated might make it tougher for stocks to gain further momentum after global equities notched their fourth consecutive monthly advance in July. Deepening tensions between the U.S. and China are also likely to rein in risk appetite.

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