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Nifty likely to open in green; Asian equities mixed

Power Breakfast

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The Nifty is likely to open flat with a positive bias, with indicator SGX Nifty trading at 8578.50, up 3.50 points. On Friday, the 30-share BSE Sensex declined 104.72 points to close at 28458.10 and the 50-share NSE Nifty fell 26.10 points to 8538.30 weighed by technology, healthcare, select auto and banks stocks.

On Monday, Asian equities kicked off the week mixed as key data from Japan and China outweighed a strong US jobs report on Friday.

Japan’s revised third-quarter gross domestic product (GDP) showed the economy shrank more than initially estimated, with growth contracting an annualized 1.9 percent. Meanwhile, October’s current account balance showed a surplus of 833 billion yen, better than expectations for a surplus of 366 billion yen.

Focus now turns to Chinese trade data due later in the day. Citi estimates export growth fell from 11.6 percent on year in October to 7.5 percent in November, and import growth from 4.6 percent on year to 3.5 percent. Still, Beijing’s trend of record trade surpluses is set to continue, with Citi predicting a USD 43.1 billion surplus compared with October’s USD 45.5 billion surplus.

Meanwhile, the S&P 500 and Dow ended at record highs last week after US employers created 321,000 jobs last month, the largest gain since January 2012. The unemployment rate remained unchanged at a six-year low of 5.8 percent.

Hong Kong’s Hang Seng rose 0.48 percent or 116.12 points at 24,118.76. Japan’s Nikkei was flat at 17,927.43.

Singapore’s Straits Times was up 0.15 percent or 5.11 points at 3,329.50. South Korea’s Seoul Composite was down 0.15 percent or 3.02 points at 1,983.60.

Taiwan’s Taiwan Weighted fell 0.20 percent or 18.54 points at 9,206.57.

The US markets posted a seventh week of gains, lifting the Dow and S&P 500 into uncharted terrain as investors embraced a stronger-than-forecast November payrolls report in other asset classes, crude prices continue to decline. Brent dips below the 70 dollar per barrel.

Stay tuned for more…

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