BENGALURU (June 3): Stocks in the Philippines and Malaysia led losses among calm emerging Asian markets on Thursday, while Indian shares hit a record high ahead of a central bank meeting this week.
Moves in other regional stock markets were muted while currencies traded flat as investors awaited crucial US economic data due on Friday for any signs of tightening of the Federal Reserve s dovish policy.
Prospects of US economic recovery would further stir up talk of the Fed scaling back support measures earlier than expected, and that could unsettle Asia s risk-sensitive markets.
As Asian countries reeled under the Covid-19 pandemic and growing inflationary pressures, equities in May clocked their biggest foreign outflows in more than a year. Data showed foreigners sold US$12.05 billion worth of equities in South Korea, Taiwan, Philippines, Thailand, Vietnam, Indonesia, and India last month.
Q4 GDP Data Preview: According to a poll conducted by news agency Reuters, economists warned the outlook is either 'weak and prone to further downgrades' or 'fragile, with a limited downside.'
Vivek Mishra
4 minute read
A view shows empty roads during a 14-hour long curfew to limit the spreading of coronavirus disease (COVID-19) in the country, in Ahmedabad, India, March 22, 2020. REUTERS/Amit Dave
Indiaâs economic outlook has weakened again, albeit slightly, with worst-case scenario forecasts suggesting the toll from the coronavirus pandemic could be much deeper, stoking fears the job crisis may worsen over the coming year, a Reuters poll found.
Renewed restrictions to curb the current coronavirus wave have stalled economic activity, leaving many millions out of work and pushing economists - who have broadly been bullish - to downgrade their views for the second time since early April. read more
Read more about Covid toll on Indian economy deepens, jobs crisis to worsen: Reuters poll on Business Standard. Renewed restrictions have stalled economic activity, leaving many millions out of work and pushing economists to downgrade their views for the second time since early April