Most of the stocks in Asia started Monday’s session higher. As of now, markets are now waiting for the main Chinese economic indicators.
Markets are currently keeping an eye on June’s Caixin manufacturing PMI which is set to be released at 9:45 a.m. Last Friday, the official manufacturing PMI came in higher than expected at 51.7 versus the forecasted 51.0.
A “bond connect” program that will provide access to Hong Kong investors to trade at China’s income market is also at the center of attention.
On Asian indexes, the Nikkei 225 index in Japan advanced by 0.24 percent, South Korean benchmark Kospi index jumped by 0.11 percent on the day, while the Aussie ASX 200 only inched up by 0.02 percent.
The quarterly tankan survey of the Bank of Japan mirrored what seems to be an improved business confidence as it had a score of +17.
A consortium in India is ready to invest more than $11 billion for the expansion of a big natural gas field in Iran. This is also to build the structure to ship the fuel only if a “reasonable return” from the Persian Gulf nation is certain.
ONGC (Oil and Natural Gas Corporation) Videsh Ltd. is willing to spend more than $6 billion on the Farzad-B field. ONGC’s managing director of the overseas investment Narendra Kumar Verma said the remaining amount will be invested on the building of a liquefied natural gas export facility.
This is an effort to spur the utilization of cleaner-burning fuels and lock up gas resource to reach its targeted growing demand.
Meanwhile Iran is emerging from consents which results for its energy sector investment to be curbed.