China is set to release its trade balance on Tuesday and inflation data on Wednesday.

In Japan, official data showed the country’s household spending fell 4.2% YoY in June, compared with 4% in May, remaining in negative territory for the fourth straight month.

In the US, the latest consumer price report will be released on Thursday, which is expected to offer clues about the Federal Reserve’s Monetary Policy Path.

Meanwhile, New York Fed President John Williams, a voting member this year, said he expects interest rates could begin to slide in early 2024, as per a report, while Governor Michelle Bowman said additional interest rate hikes will likely be needed to lower inflation to the 2% target, Reuters reported.

Asian Markets

Japan’s Nikkei 225 gained 0.33%, while the Topix rose 0.25%. South Korea’s Kospi added up 0.46%, while Kosdaq fell 0.44%.

Hong Kong’s Hang Seng index futures traded around 125 points lower at 19,412.

Australia’s S&P/ASX 200 rose 0.29%.

Meanwhile, Gift Nifty was trading 0.10% lower at 19,670.50, indicating a muted start for the Indian benchmark indices.

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Wall Street

US stock indices ended higher Monday, as investors awaited inflation data due on Thursday which could provide clues on the US Federal Reserve’s monetary policy path.

The Dow Jones Industrial Average surged 407.80 points, or 1.16%, to 35,473.42, while the S&P 500 rose 40.28 points, or 0.90%, to close at 4,518.31. The Nasdaq Composite ended 84.73 points, or 0.61%, higher at 13,993.97. 

Among active stocks, Berkshire Hathaway share price rose 3.41%, or $18,320 to $551,920 after the company reported its highest-ever Quarterly Operating Profit. The stock rally gave Berkshire a market value of about $799 billion.

The billionaire investor Warren Buffett-led conglomerate’s quarterly operating profit topped $10 billion for the first time, as rising interest rates boosted profit from fixed-income investments, Reuters reported.

Berkshire Hathaway also posted quarterly net income of $35.9 billion, reflecting unrealized gains on investments such as Apple, whose stock price rose 17.6% in the quarter. Berkshire owned $177.6 billion of the iPhone maker’s shares at the end of June, the Reuters report added.

Drugmaker Viatris gained 3.9% after its results beat forecasts, while vaccine makers BioNTech SE plunged 7.5% and Moderna Inc declined 6.5%. Sage Therapeutics cracked 53.6% after the US drug regulator declined to approve its postpartum depression (PPD) pill. 

Tesla dropped 0.9% after the electric vehicle giant named Vaibhav Taneja to replace Zachary Kirkhorn as its finance chief.

Europe

European stocks rose, with the pan-European STOXX 600 gaining 0.1% ahead of inflation data from across the globe.

Britain’s FTSE 100 fell 0.1% to 7,554.49, while Germany’s DAX ended flat at 15,950.76. France’s CAC 40 closed flat at 7,319.76.

Shares of Aurubis AG, Europe’s largest copper producer, fell 9.5% despite its forecast for a strong core profit in its current fiscal year.

Energy

Crude oil prices rose amid concerns over supply arising from production cuts by Saudi Arabia and Russia.

Brent crude futures rose 0.27% to $85.57 a barrel, while US West Texas Intermediate crude was up 0.34% at $82.22 a barrel.

(With inputs from Reuters)

Updated: 08 Aug 2023, 07:24 AM IST