Early in Asian trade today, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12%
Fairfax-backed private sector lender CSB Bank will launch its IPO on Friday
Mumbai: Indian stock markets are may tick higher on Friday following gains in Asian peers. Other Asian equities rose in early deals today, bouncing from a three-week low touched a day earlier, but gains were capped by lingering concern over the status of trade negotiations between China and the United States.
Early in Asian trade today, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12%. The index had fallen as much as 1.41% on Thursday, hitting its lowest level since 30 October, on concern that US legislation on Hong Kong threatened to undermine trade talks between the world's two largest economies.
Australian shares were up 0.52% and Japan's Nikkei gained 0.1%.
Worries that a "phase one" trade deal between the US and China might not occur until next year weighed on investor sentiment on Wall Street overnight, pulling the S&P 500 down 0.16% to 3,103.54, the Dow Jones down 0.2% to 27,766.29. The Nasdaq Composite fell 0.24% to 8,506.21.
Those losses were tempered by China saying it was willing to work with the US to resolve core trade concerns, and a report in the Wall Street Journal that said China has invited top US trade negotiators for a new round of face-to-face talks in Beijing.
Back home, a clutch of institutional investors bailed out promoters of Zee Entertainment Enterprises Ltd by buying a 15.7% stake in the company on Thursday, helping founder Subhash Chandra retain control of India’s largest listed television network, at least for now.
Fairfax-backed private sector lender CSB Bank, formerly the Catholic Syrian Bank, will launch its initial public offering (IPO) on Friday. The share sale will close on 26 November. CSB has fixed the price band at ₹193-195 a share, to mop up ₹410 crore at the upper end of the price band.
Meanwhile, US Treasury yields were broadly unchanged after snapping three sessions of declines on Thursday.
The yield on benchmark 10-year Treasury notes was at 1.7723%, just a hair higher than its US close of 1.772% on Thursday. The policy-sensitive two-year yield, was at 1.6046% compared with a US close of 1.605%.
In currency markets, the safe-haven yen was a touch stronger, with the dollar dropping 0.05% to 108.58. The euro was up 0.05% at $1.1063.
The dollar index, which tracks the greenback against a basket of six major rivals, was unchanged at 97.993.
Oil prices retreated after hitting two-month highs on a Reuters report that the Organization of the Petroleum Exporting Countries and its allies are likely to extend existing output cuts until mid-2020.
US crude dipped 0.41% to $58.34 a barrel. Spot gold edged up 0.04% to fetch $1,464.70 per ounce.
(Reuters contributed to the story)
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