Mumbai: Indian equities may see rise marginally on Friday following gains in other global stock markets. Asian stocks tracked global peers and rose on Friday while safe havens such as government bonds and the yen were sold amid signs of easing US-China trade tensions and as firm US economic data bolstered risk appetite.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, putting it on track for a 2% weekly gain - which would make it the best week since mid-June. Australian stocks gained 0.5%, South Korea's KOSPI rose 0.3% and Japan's Nikkei advanced 0.6%.
Global equity markets welcomed news that the US and China agreed on Thursday to hold high-level talks early in October, raising hopes for substantial progress in de-escalating the long, bitter trade conflict between the two.
Risk sentiment got a further boost from upbeat US data on Thursday.
The US private payrolls increased in August at their fastest pace in four months. Separately the US services industry rebounded last month to its fastest expansion since February, according to the Institute for Supply Management’s non-manufacturing purchasing managers index (PMI).
The non-farm payroll report is expected to show an increase of 158,000 and the unemployment rate holding steady at 3.7%.
Back home, shares of Reliance Industries Ltd will be in focus as Reliance Jio on Thursday formally launched its wired broadband Jio Fiber, hoping its bundle of free services and superfast internet speeds will help it replicate the success it notched up as India’s youngest and only profitable mobile services provider.
Indian automobile companies on Thursday sought government intervention through a cut in goods and services tax to stem a deepening slump in vehicle sales, warning that any further delay will put a million jobs at risk.
Prime Minister Narendra Modi announced a $1 billion line of credit for the less developed but resource rich Russian Far East.
Among currencies, the dollar stood at 107.070 yen after climbing to a one-month high of 107.235 overnight. The greenback has gained about 0.7% against the Japanese currency this week as the decrease in risk aversion reduced demand for the safe-haven yen.
The pound hovered near a six-week peak of $1.2353 scaled the previous day on hopes that Britain could avoid exiting the European Union without a deal. The euro was steady at $1.1034 after rising 0.5% overnight, when it was lifted by sterling's bounce.
The dollar index against a basket of six major currencies was little changed at 98.420 after pulling back from a one-week low of 98.085 the previous day on a rise by US Treasury yields.
US Treasuries fell in price and their yields rebounded from multi-year lows as investors moved out of safety assets into equities. The 10-year Treasury yield was at 1.532%, having risen from a three-year trough of 1.428% plumbed midweek on soft economic data and Sino-US trade worries.
Japan’s 10-year government bond yield climbed 2.5 basis points to minus 0.250%, putting some distance between a three-year low of minus 0.295% set earlier this week.
Brent crude oil futures slipped 0.26% to $60.79 per barrel, losing some traction after posting strong gains over the past two sessions. Brent had climbed to a one-month peak of $62.40 per barrel on Thursday on a decline in US crude inventories and tempered trade war concerns.
(Reuters contributed to the story)