Asian stocks slipped in early trading Tuesday as traders considered the mounting risks to growth in the region from spiking Covid-19 cases, and the implications of a broadening antitrust crackdown in China.
Indices opened in the red in Hong Kong and China. Japan underperformed ahead of the Bank of Japan’s policy statement, with the latest state of emergency and associated restrictions on activity posing deeper risks to the economy. U.S. contracts edged higher after solid corporate earnings helped the S&P 500 Index notch another record.
India’s SGX Nifty 50 Index futures for April delivery little changed at 14,483.50, while MSCI Asia Pacific Index -0.4%. The NSE Nifty 50 Index added 1% Monday to 14,485.
Tech Mahindra, HDFC Life, SBI Cards may react as the companies reported quarterly results after the market closed. Axis Bank, Maruti Suzuki, Bajaj Finance, Britannia, TVS Motor, Hindustan Zinc are among the companies scheduled to report earnings Tuesday. Foreign investors sold net Rs 1,180 crore of stocks on April 23, according to the NSDL website.
Meanwhile, oil steadied as traders consider the risks to demand from India after the nation reported a million new coronavirus cases in three days.