Pedestrians walk past the Tokyo Stock Exchange, operated by Japan Exchange Group. Japan's Nikkei index fell 0.1 per cent on Monday. Tomohiro Ohsumi/Bloomberg
Pedestrians walk past the Tokyo Stock Exchange, operated by Japan Exchange Group. Japan's Nikkei index fell 0.1 per cent on Monday. Tomohiro Ohsumi/Bloomberg

Asia stocks reverse losses on China's solid purchasing managers' indexes



Asian shares turned positive after solid Chinese data on Monday following a lacklustre start, while the dollar edged up but remained capped by US political uncertainty.

MSCI's broadest index of Asia-Pacific shares outside Japan reversed early losses to rise 0.1 per cent.

Chinese shares rose, with the blue-chip index up 0.15 per cent and the Shanghai Composite up 0.2 per cent. Hong Kong's Hang Seng rose 0.6 per cent.

The official Chinese manufacturing and services purchasing managers' indices both slipped in July, but remained above the 50-point mark that separates growth from contraction on a monthly basis.

Investors remained wary after North Korea conducted another missile test late on Friday that it said proved its ability to strike the US mainland. The US responded by flying two bombers over the Korean peninsula on Sunday.

"The geopolitical overhang will likely keep top side moves in check early in the week as the disorganised US and China policy towards North Korea is not helping matters," Stephen Innes, head of Asia-Pacific trading at OANDA, wrote in a note.

The Korean won was up 0.1 per cent on Monday at 1,122.2 won to the dollar, after sliding almost 0.7 per cent on Friday. South Korea's KOSPI fell 0.3 per cent.

Australian shares advanced 0.3 per cent.

The perceived safe-haven Japanese yen strengthened, with the dollar shedding 0.2 per cent to 110.48 yen, touching its weakest levels since mid-June.

Japan's Nikkei fell 0.1 per cent, with the firm yen offsetting news the country's industrial output rebounded in June from a decline in May.

On Wall Street on Friday, the S&P and Nasdaq indexes fell after earnings from companies including Amazon, Exxon Mobil and Starbucks disappointed.

But the Dow closed higher and set an intraday record, lifted by Chevron's strong earnings.

US corporate results overall have come in better than expected for the second quarter. More than halfway through reporting season, S&P 500 companies are on track to have increased earnings by 10.8 per cent, according to Thomson Reuters.

The dollar index, which tracks the greenback against a basket of six major peers, edged up 0.1 per cent to 93.376, after Friday's 0.6 per cent decline.

Markets are awaiting speeches by Cleveland Federal Reserve President Loretta Mester and San Francisco Fed President John Williams on Tuesday for further insight into whether the central bank has turned more dovish in light of recently muted inflation.

Investors will also be keeping a close eye on data including eurozone core inflation for July on Monday; the Reserve Bank of Australia's rate decision, at which it is expected to stay on hold, and US manufacturing conditions, due Tuesday; the Reserve Bank of India's meeting on Wednesday, at which it is expected to cut rates; and Bank of England on Thursday, where it is likely to leave rates unchanged.

A raft of private manufacturing surveys will also be released on Tuesday.

"It's a huge week on the data front, but for USD bulls there's an unpalatable reality that with (European Central Bank) members sounding increasingly hawkish and their (Fed) counterparts ever so dovish. Anything to confirm this bias will be pounced on by traders," Innes wrote.

The euro was steady at US$1.1741, following Friday's 0.6 per cent gain.

*Reuters

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

The Killer

Director: David Fincher

Stars: Michael Fassbender, Tilda Swinton, Charles Parnell

Rating: 4/5 

The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press

Teams in the EHL

White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Squads

India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.

Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.

RACE CARD

5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
 
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah

Roll of Honour, men’s domestic rugby season

West Asia Premiership
Champions: Dubai Tigers
Runners up: Bahrain

UAE Premiership
Champions: Jebel Ali Dragons
Runners up: Dubai Hurricanes

UAE Division 1
Champions: Dubai Sharks
Runners up: Abu Dhabi Harlequins II

UAE Division 2
Champions: Dubai Tigers III
Runners up: Dubai Sharks II

Dubai Sevens
Champions: Dubai Tigers
Runners up: Dubai Hurricanes

TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Not Dark Yet

Shelby Lynne and Allison Moorer

Four stars

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

Martin Sabbagh profile

Job: CEO JCDecaux Middle East

In the role: Since January 2015

Lives: In the UAE

Background: M&A, investment banking

Studied: Corporate finance

HWJN

Director: Yasir Alyasiri

Starring: Baraa Alem, Nour Alkhadra, Alanoud Saud

Rating: 3/5

Turning waste into fuel

Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres

Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)

Time required for one full cycle of production from used cooking oil to biofuel: One day

Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The line up

Friday: Giggs, Sho Madjozi and Masego  

Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh  

Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com


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