PremiumIndian indices may witness a flat to negative start on Tuesday. Indices on Monday closed higher for the third straight session tracking positive global trends. Stocks in Asia fell on Tuesday and Treasuries sold off across the curve as investors remain cautious about whether central banks can raise interest rates to rein in inflation without derailing growth. Oil gained after the European Union backed a push to ban some Russian oil. Shares wavered in Hong Kong, Shanghai, Japan, South Korea, and Australia.
Indian house prices are set to accelerate this year to a pace not seen in half a decade, according to a Reuters poll of property analysts who also warned that higher interest rates will crimp affordability, especially for first-time buyers.
A lack of demand has kept India's property market relatively quiet during the pandemic compared with other world markets that rocketed higher as households scrambled to buy more living space. Those markets are now cooling.
But the release of pent-up demand in India, as most employees return to workplaces amid improving vaccination rates and fewer COVID-19 cases, has stirred the Asian country's housing market along with a return of large institutional investors.
Bitcoin rose 7.93 % to $31,780.51 at 2200 GMT on Monday, up $2,334.8 from its previous close.
The world's biggest and best-known cryptocurrency is up 25.1% from the year's low of $25,401.05 on May 12.
Ether, the coin linked to the ethereum blockchain network, rose 9.8 % to $1,989.38 on Monday, adding $177.54 to its previous close.
Oil headed for the longest run of monthly gains in more than a decade as European Union leaders agreed to pursue a partial ban on imports of crude from Russia to increase pressure on Moscow for its invasion of Ukraine.
Global benchmark Brent topped $122 a barrel, hitting a two-month high. The latest round of EU sanctions would forbid buying oil from Russia delivered by sea but includes a temporary exemption for pipelines, European Council President Charles Michel said. The package also proposes a ban on insurance related to shipping oil to third countries, people familiar with the deal said.
Stocks in Asia fell Tuesday and Treasuries sold off across the curve as investors remain cautious about whether central banks can raise interest rates to rein in inflation without derailing growth. Oil gained after the European Union backed a push to ban some Russian oil.
Equities in Japan, Korea and Australia inched down while Hong Kong futures fell. US contracts opened higher in the first day of trading after the Memorial Day weekend. Yields on two-year notes jumped 10 basis points to 2.58%, while benchmark 10-year yields rise 10 basis points to 2.84%.
Crude oil advanced to around $117 a barrel after EU leaders agreed to pursue a partial ban on Russian oil in response to the invasion of Ukraine.
Higher energy and food costs are keeping upward pressure on prices globally and squeezing consumers. European bonds tumbled after German inflation hit a record, adding to pressure on central bank policy makers to tame rising prices. The dollar rose slightly.
In China, purchasing managers indexes for May are likely to show service and manufacturing activity continuing to shrink amid Covid lockdowns, despite progress in containing the virus and resumed production at some Shanghai plants, according to Bloomberg Economics.
Global stocks are on track to end the month with modest gains amid skepticism about whether the market is near a trough and as volatility stays elevated. Fears that central bank rate hikes will induce a recession, stubbornly high inflation and uncertainty around how China will boost its flailing economy are keeping investors watchful.
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