Asia-Pacific markets mostly rise after volatile week as investors await U.S. inflation data
Asia-Pacific markets mostly rose on Monday after a rollercoaster week that saw steep sell-offs followed by a sharp recovery, especially in Japan stocks.
Futures for benchmark U.S. indexes were lower as investors awaited key inflation data due later this week. Major Wall Street averages rose Friday, with the indexes making a sharp recovery from last week’s market rout.
The Dow ended Friday down 0.6%, the S&P 500 was little changed, and the tech-heavy Nasdaq Composite slipped 0.18%.
Traders on Monday also awaited inflation and industrial output data from India.
Economists polled by Reuters expect India’s year-on-year CPI inflation to fall sharply to 3.65% in July, from 5.08% in the previous month.
Meanwhile, India’s industrial output for June is expected to come in at 5.5%, slightly down from 5.9% in May.
Indian conglomerate Bharti Enterprises’ international investment arm said it would acquire a 24.5% stake in BT Group, worth about 3.2 billion pounds ($4 billion), buying out its majority owner, British telecom tycoon Patrick Drahi and his Altice group, Reuters reported on Monday.
According to the report, Bharti will first purchase 9.99% of BT’s shares from Altice, and the rest after securing the necessary regulatory approvals.
BT Group was trading up over 6% on the London Stock Exchange.
Stocks of Indian multinational conglomerate Adani Group were trading down after U.S.-based short-seller Hindenburg Research accused the head of the country’s chief market regulator of having a conflict of interest with the group.
The company’s flagship Adani Enterprises fell nearly 5% before recouping most losses, and was last down 1.2%. The benchmark Nifty 50 index was up 0.24%.
Hindenburg alleged that Madhabi Puri Buch, the chairperson of India’s market regulator, had in the past held investments in some offshore funds that were also used by the Adani Group, calling into question a probe into fraud allegations against the conglomerate earlier this year.
Buch reportedly called the report’s allegations baseless.