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PremiumMarket Close Highlights : European stocks followed Asian shares higher after a rally in large US tech companies drove Wall Street to another record peak.
The Stoxx Europe 600 benchmark staged a modest recovery amid lingering concern about political turmoil in France. US futures were steady after the S&P 500 advanced to an all-time high for the 30th time this year, defying concern about narrow breadth and higher-for-longer US interest rates.
Ahead of Wednesday’s holiday in the US, traders geared up for retail-sales data and a slew of Federal Reserve speakers. Treasuries were steady after falling Monday amid a flurry of high-grade corporate bond sales that exceeded $21 billion. A gauge of the dollar was flat.
“The picture being painted is that despite the fading prospects of sizeable interest rate cuts from the Fed this year, the economic outlook remains upbeat and this means that corporate earnings should continue to hold up," said Stuart Cole, the head macro economist at Equiti Capital UK Ltd. “But everybody - the Fed, the markets, etc. - is in ‘data dependancy’ mode, and this sentiment could potentially sour if we get a soft set of retail sales data from the US this afternoon."
Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts have pushed US equities up about 15% this year. The US benchmark index topped 5,470 Monday, with Tesla Inc. and Apple Inc. leading gains in megacaps. The Nasdaq 100 came closer to the 20,000 mark as Micron Technology Inc. climbed to a record.
European stocks have retreated since French President Emmanuel Macron called a snap legislative ballot following a drubbing by Marine Le Pen’s National Rally in the European Parliament elections. The two-round election will conclude on July 7.
“A portion of the recent risk off moves have been driven by fears of ‘Frexit’ and euro area breakup. In our view, those fears are overblown, and we would be fading the fear driven moves," said Mohit Kumar, a strategist at Jefferies. “We remain positive on risky assets, but would skew our positions more towards the US in view of the coming French elections."
Investors will keep a close watch on the implications of Beijing’s latest move in its trade tensions with Brussels, after China launched an anti-dumping probe on pork imports from the European Union. That comes as the bloc looks at Chinese subsidies across a range of industries and will impose tariffs on electric car imports from July.
The Australian dollar extended earlier gains after Reserve Bank Governor Michele Bullock said in a press conference that the central bank discussed the case for a rate hike at its policy meeting. Policymakers kept their benchmark interest rate at a 12-year high of 4.35% for a fifth straight gathering.
“The RBA’s hawkish posturing has been maintained, but that is no surprise to markets," said Charu Chanana, head of foreign-exchange strategy at Saxo Markets. “The Aussie’s path is likely to continue to focus on external factors, and is looking bearish in the near-term given the resurgent US dollar and slowing momentum in China and commodities."
Asia chip stocks were among the biggest contributors to gains in the MSCI Asia Pacific index. Shares of Tesla China suppliers advanced after news the electric-car maker had gained approval to test its advanced driver-assistance system on some Shanghai streets. In South Korea, shares of SK Hynix Inc. rose to a 24-year high as an analyst said the chipmaker may see upward revisions to its future earnings consensus.
In commodities, oil edged lower after the biggest advance in a week Monday as risk-on sentiment in wider markets countered a mixed outlook for crude. Copper rose from its lowest close since mid-April. Gold was little changed.
Sensex Today Live : Indian benchmark indices, which opened at record high levels, climbed further to create fresh all-time highs, but pared some of their gains to close higher for the fourth straight session on Tuesday.
Market sentiment was buoyed by the overnight rally on Wall Street, led by gains in AI-focussed tech stocks, that also spurred markets across Asia and Europe on Tuesday.
Sensex, which had opened at a record high of 77,235.31, climbed further to create another record at 77,366.77 in intraday trades. At close, the 30-stock index had pared some of its gains to close at 77,301.14, up 265.51 points, or 0.34%.
Similarly, the Nifty 50 opened at a record high of 23,570.80, climbed further to another all-time high of 23,579.05. At close, Nifty was up 71.90 points, or 0.31%, at 23,557.90.
Meanwhile, eight out of the 30 stocks on the BSE Sensex closed in the red. Maruti Suzuki India, UltraTech Cement, Tata Steel, Tata Motors, and ITC were the top drags, while Power Grid Corp., Wipro, ICICI Bank, Titan, and Mahindra & Mahindra, were the top gainers for the day.
Separately, 16 out of the 50 stocks on the Nifty 50 closed in the red. Maruti Suzuki India, Dr Reddy's, UltraTech Cement, Tata Steel and Hindalco, were the top drags, while Shriram Finance, Power Grid Corp., Wipro, ICICI Bank, and Titan were the top gainers for the day.
Also, the broader market closed in the green, with the BSE SmallCap gaining 0.96% and the BSE MidCap climbing 0.43% at close.
Across sectors, health, pharma, metal, media, FMCG, oil & gas, and auto indices closed in the red, while gains were led by realty, consumer durables, private bank, bank, financial services and IT indices.
Sensex Today Live : Asian Energy Services along with its JV partner Indwell has been awarded an order for Design, Supply, Erection and Commissioning and Trial Run, etc., for Coal Evacuation System by Belt Conveyors at PKOCP, Manuguru Area of The Singareni Collieries Company Limited (SCCL), the company said in an exchange filing.
The total contract value is ₹148.5 crore plus 18% IGST and the order will be executed over a span of 18 months, the company added.
Sensex Today Live : Barring health, pharma, metal, media and FMCG, all other sectoral indices were green.
Gains were led by realty, consumer durables, bank, financial services and IT indices.
Sensex Today Live : The broader market was up, with the BSE SmallCap gaining 1.03% and the BSE MidCap climbing 0.46%.
Sensex Today Live : Fourteen out of the 50 stocks on the Nifty 50 were trading in the red. Maruti Suzuki India, Dr Reddy's UltraTech Cement, Tata Steel, and Tata Motors, were the top drags, while Shriram Finance, Power Grid Corp., Wipro, Titan, and Adani Enterprises, were the top gainers.
Sensex Today Live : Nine out of the 30 stocks on the BSE Sensex were trading in the red. Maruti Suzuki India, UltraTech Cement, Tata Steel, Tata Motors, and ITC were the top drags, while Power Grid Corp., Wipro, Titan, Mahindra & Mahindra, and ICICI Bank were the top gainers.
Sensex Today Live : Indian benchmark indices were up on Tuesday, following global peers higher that were led by gains in AI-focussed tech stocks in the US.
At 3 pm, Sensex was up 265.51 points, or 0.34%, at 77,258.28 and Nifty was up 71.90 points, or 0.31%, at 23,537.50.
Sensex Today Live : Cipla today announced that its wholly-owned subsidiary in the UK, Cipla (EU) Limited will invest an additional EUR 3 million in Ethris GmbH (“Ethris"), a company working at the forefront of delivering mRNAs directly to the respiratory system.
This additional investment through a convertible loan will accelerate Cipla’s participation in the mRNA space, the company said in an exchange filing. Cipla had earlier invested EUR 15 million in Ethris in 2022.
mRNA-based medicines have a huge potential in several indications such as infectious disease vaccines, therapeutic cancer vaccines, and protein replacement therapies.
Sensex Today Live : Passenger traffic increased 4% MoM, says GMR Airports Infra. Traffic at Delhi Airport increased 8% YoY and 4% MoM.
Sensex Today Live : Radico Khaitan today announced that it is all set to bring Rampur Asava Indian Single Malt Whisky to India, after garnering widespread acclaim in major markets worldwide.
Initially starting with Uttar Pradesh this June, where Rampur Asava Indian Single Malt Whisky will be priced at ₹10,000, the company will expand the launch in other prominent states such as Delhi, Chandigarh, Punjab, Uttarakhand, Haryana, Telangana, and Goa throughout the fiscal year, including introduction in the CSD (Canteen Store Department), the company said in an exchange filing.
Sensex Today Live : As the central government gears up to present its budget in July, the term ‘economic reforms’ is resonating among financial managers and corporate system administrators.
However, the interpretation of ‘economic reforms’ remains ambiguous. What may be perceived as a ‘reform’ by some could be seen as a mere concession by others. (Read the full story here.)
Sensex Today Live : Alembic Pharmaceuticals today announced that it has received the final approval from the US FDA for its Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate Capsules, 75 mg and 150 mg, and tentative approval for Dabigatran Etexilate Capsules, 110 mg.
The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Pradaxa Capsules, 75 mg, 110 mg, and 150 mg of Boehringer Ingelheim Pharmaceuticals, Inc. (Boehringer).
Dabigatran Etexilate Capsules are indicated for reduction of risk of stroke and systemic embolism in non-valvular atrial fibrillation in adult patients; treatment and reduction in the risk of recurrence of deep venous thrombosis and pulmonary embolism in adult patients, the company said in an exchange filing.
Sensex Today Live : Indian benchmark indices were up on Tuesday, following global peers higher that were led by gains in AI-focussed tech stocks in the US.
At 2 pm, Sensex was up 254.35 points, or 0.33%, at 77,247.12 and Nifty was up 74.70 points, or 0.32%, at 23,540.30.
Sensex Today Live : Royal Orchid Hotels today announced the inauguration of its fourth hotel called Regenta Inn, Gurugram, in Delhi - NCR and the second in Gurugram, Haryana.
The company, in an exchange filing, said the property boasts of 50 rooms, and features “PINXX", ROHL’s signature all day neighbourhood diner serving a familiar menu of Pan-Indian and International cuisines.
The property also offers a spacious banquet hall and conference room of approximately 800 square meters.
Sensex Today Live : Mangalam Global Enterprise today announced that it has singed an agreement to purchase an edible oil refinery in Mehasana, Gujarat, for ₹10.87 crore.
The company, in an exchange filing, said, "We would like to inform you that Mangalam Global Enterprise has entered in to an agreement on June 18, 2024 to purchase plant and machinery and buildings from Shree Gurukrupa Oil and Foods and lands measuring 19,833 square yards bearing Survey Nos. 186, 188 & 189 (collectively known as “Assets") from the individual landowners at Taluka: Jotana, Mehasana, Gujarat".
The refinery and packing unit has a capacity of approx. 200 metric tonne per day, while it has an oil seed crushing capacity of 20 metric tonne per day.
Sensex Today Live : Indian benchmark indices were up on Tuesday, following global peers higher that were led by gains in AI-focussed tech stocks in the US.
At 1 pm, Sensex was up 225.51 points, or 0.29%, at 77,218.28 and Nifty was up 67.25 points, or 0.29%, at 23,532.85.
Sensex Today Live : Surana Solar today announced that it has received an order worth ₹4.25 crore from Flic Microwaves to supply them defence related electronics components.
Sensex Today Live : Thomas Cook (India), along with group company SOTC Travel, said that summer travel demand is up by 30%, while averave spends is up by 25% YoY.
Sensex Today Live : Piramal Capital & Housing Finance, wholly owned subsidiary of Piramal Enterprises, today announced that it has surpassed the milestone of ₹50,000 crore in AUM of retail loans.
As a merged entity, Piramal Finance has launched multiple lending solutions for the budget Bharat customer, offering over 13 loan products, including home, business, personal, loan against securities (LAS), and used car loans.
Mortgages remain the dominant part of the portfolio, accounting for 68% of the overall retail AUM, with a 38% year‐on‐year increase in FY24, the company said in an exchange filing.
The housing loan portfolio has continued its strong growth trajectory, disbursing an average of ₹800 crore per month in FY24, with an average ticket size of ₹19 lakh, it added.
Sensex Today Live : Barring healthcare, pharma, and media, all other sectoral indices were in the green.
The consumer durables, IT and private bank indices were the top sectoral gainers.
Sensex Today Live : The broader market was up, with the BSE SmallCap gaining 0.82% and the BSE MidCap climbing 0.38%.
Sensex Today Live : 22 of the 50 stocks on the Nifty 50 were trading in the red. Maruti Suzuki India, UltraTech Cement, Divi's Laboratories, Dr Reddy's, and SBI Life were the top drags, while Wipro, Power Grid Corp., Titan, Shriram Finance, and LTIMindtree, were the top gainers.
Sensex Today Live : 11 of the 30 stocks on the BSE Sensex were trading in the red. Maruti Suzuki India, UltraTech Cement, Bharti Airtel, Tata Motors, and Tata Steel, were the top drags, while Wipro, Power Grid Corp., Titan, Mahindra & Mahindra, and Infosys, were the top gainers.
Sensex Today Live : Indian benchmark indices were up on Tuesday, following global peers higher that were led by gains in AI-focussed tech stocks in the US.
At 12 pm, Sensex was up 278.78 points, or 0.36%, at 77,271.55 and Nifty was up 75 points, or 0.32%, at 23,540.60.
Sensex Today Live : Uravi T and Wedge Lamps today announced that it may acquire upto 55% shares of SKL (India) for a total consideration up to ₹20.1 crore.
The company said it will acquire upto 43.91% stake in first tranche, 6.1% in the second tranche and the balance stake may be purchased in subsequent tranche(s).
The company added that it has executed an Agreement for Purchase on June 18, with SKL India for the same.
Sensex Today Live : Poonawalla Fincorp announced on June 17 that it has allotted 2.23 million stocks in ESOPs.
The company, in an exchange filing, said, "Nomination and Remuneration Committee of the Board of Directors of the Company on June 17, 2024, granted 20,00,000 and 2,30,000 stock options under Employee Stock Option Plan-2024- Scheme- II (“ESOP2024 - Scheme -II") ‐ Tranche ‐ 04 and Tranche ‐ 05 to the eligible employees of the Company at an exercise price of Rs. 471.55, and Rs. 438.53, respectively".
Sensex Today Live : NBCC (India) today announced that it has received an order worth ₹70 crore from the Grid Controller of India, for the "Planning, designing and execution of interior works including furniture’s, fitout works, cabling and other infrastructure work at “Grand Rue"- Ayur Vigyan Nagar, August Kranti Marg, New Delhi for establishment of GRID-INDIA".
Sensex Today Live : Indian benchmark indices were up on Tuesday, following global peers higher that were led by gains in AI-focussed tech stocks in the US.
At 11 am, Sensex was up 258.54 points, or 0.34%, at 77,251.31 and Nifty was up 72.15 points, or 0.31%, at 23,537.75.
Sensex Today Live : Veranda Learning Solutions today announced that it has signed a Memorandum of Understanding (MoU) with Sri Krishna Arts and Science College, Coimbatore with an aim to offer a B.Com course with an added ACCA (Association of Chartered Certified Accountants) accreditation through its subsidiary, Veranda XL Learning Solutions.
The program is designed to exempt students from 9 out of the 13 required ACCA coursework exams, significantly fast-tracking their professional certification. Veranda plans to extend similar integrations across other degree programs such as BSc., BA, BBA, etc., in the future.
The company said in an exchange filing that it aims to generate a revenue of ₹600 crore in the next five years from these institutional partnerships.
Sensex Today Live : Wanbury today announced that US FDA has completed the inspection of its Patalganga site in Maharashtra, with zero Form 483 observations.
Sensex Today Live : Larsen & Toubro today announced that its buildings and factories business has won multiple orders in India.
It has secured an order from the Asian Institute of Gastroenterology, Hyderabad, for constructing a super-speciality hospital at Gachibowli in the city, the company said in an exchange filing.
Another order has been secured from a prestigious client for the construction of office space in Mumbai with an approximate built-up area of 13 lakh sq ft, it added.
Sensex Today Live : Indian benchmark indices climbed in the early hours of trading on Tuesday to create fresh all-time highs, following global peers higher that were led by gains on AI-focussed tech stocks in the US.
At 10 am, Sensex was up 324.46 points, or 0.42%, at 77,317.23 and Nifty was up 95.90 points, or 0.41%, at 23,561.50.
Sensex Today Live : Barring pharma and healthcare, all other sectoral indices were trading in the green.
The consumer durables index had gained the most, followed by Realty and Auto, while the bank an financial services index were up as wee.
Sensex Today Live : The broader market was up, with the BSE SmallCap climbing 0.65% and the BSE MidCap gaining 0.28%.
Sensex Today Live : Nine out of the 50 stocks on the Nifty 50 were trading in the red. Maruti Suzuki India, Dr Reddy's, Apollo Hospitals Enterprises, UltraTech Cement, and Divi's Laboratories, were the top drags, while Wipro, Mahindra & Mahindra, Titan, Adani Enterprises, and LTIMindtree were the top gainers.
Sensex Today Live : Seven out of the 30 stocks on the BSE Sensex were trading in the red. Maruti Suzuki India, UltraTech Cement, Kotak Mahindra Bank, Reliance Industries, and Asian Paints were the top drags, while Wipro, Mahindra & Mahindra, Titan, Tech Mahindra, and Power Grid Corp., were the top gainers.
Sensex Today Live : The European Commission has exempted HFCL Ltd, a domestic telecom gear maker, from the provisional anti-dumping duties imposed on all other Indian optical fiber cable (OFC) manufacturers. The decision came after an investigation found no evidence of HFCL dumping OFC in European markets.
Sensex Today Live : Police have launched an investigation into Som Distilleries and Breweries Ltd after the government’s child rights agency found more than 50 children working at a distillery. A case under juvenile justice and bonded labour laws was filed on Sunday.
Sensex Today Live : The company’s API manufacturing facility in Visakhapatnam, Andhra Pradesh, received three observations from the US FDA following a GMP inspection on June 14, 2024. The company will respond within the stipulated time frame, it said in an exchange filing.
Sensex Today Live : The company’s injectable manufacturing unit at Pharmez SEZ, Matoda, has been classified as Official Action Indicated (OAI) by the US FDA following a March inspection, indicating the need for further administrative sanctions and mandatory corrective actions.
Sensex Today Live : Indian benchmark indices climbed at open on Tuesday, following global peers higher that were led by gains on AI-focussed tech stocks in the US.
At opening bell, Sensex was up 213.96 points, or 0.28%, at 77,206.73 and Nifty was up 63.45 points, or 0.27%, at 23,529.05.
Sensex Today Live : "The undercurrent of the market continues to be bullish. Sustained huge domestic flows is the principal driver of this rally. It is also important to understand that there is fundamental support to the rally from the strong economic growth and good corporate earnings. Global support from the mother market US, which is setting new records, also is a positive factor.
Since Nifty is currently trading at around 21 times FY25 estimated earnings, there is no room for further sharp rally from the current levels. Liquidity flows may sustain the outperformance of the broader market. But valuation comfort in this space is extremely low. So investors may focus on fairly valued largecaps, particularly in the banking space and also the leading auto stocks where the high valuations can be justified by their growth prospects."
--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Sensex Today Live : Indian benchmark indices climbed at pre-open on Tuesday, following global peers higher that were led by gains on AI-focussed tech stocks in the US.
Sensex was up 242.54 points, or 0.32%, at 77,235.31 and Nifty was up 105.20 points, or 0.45%, at 23,570.80 during pre-open.
Sensex Today Live : Hindustan Aeronautics today announced that it has received a request for proposal (RFP) from the Ministry of Defence for the procurement of 156 light combat helicopters.
The company, in an exchange filing, said, 90 are for Indian Army and 66 for the IAF.
Sensex Today Live : Wipro today announced that it has entered into a strategic partnership with GBST, a leading global provider of wealth management and advice solutions technology for the financial services industry, aimed at delivering end-to-end administration services for superannuation, wealth, and pensions companies transitioning from legacy IT environments.
This partnership brings together GBST's industry-leading Composer wealth management administration SaaS (Software-as-a-Service) platform and Wipro's extensive expertise in outsourced administration and contact centre services, to deliver a single offering that includes technology, cyber, risk, and business operations.
By consolidating administration services through a single, integrated platform, companies can streamline operations, reduce complexity, and enhance service delivery to their customers, the company said in an exchange filing.
Sensex Today Live : BLS International Services today announced that its subsidiary, BLS E-Services, has agreed to acquire a 55% stake in Aadifidelis Solutions and its affiliates.
Aadifidelis Solutions is one of the largest players in India in the distribution and processing of loans for corporates and individuals.
BLSE will make an upfront investment (Primary and Secondary) of approx. ₹71 crore with balance consideration being deferred linked to achievement of milestones in FY2025, the company said in an exchange filing.
The acquisition will be an all-cash deal and the transaction is expected to be be completed in Q2 FY25.
Sensex Today Live : TCS, Adani Enterprises, Indus Tower, Airtel, LIC, Zydus Lifesciences, are a few stocks likely to be in focus on Tuesday, June 18.
Sensex Today Live : India’s key stock market indices, the Sensex and Nifty 50, are likely to start Tuesday on a positive note, influenced by global market gains. The Gift Nifty trends also suggest a promising start for the Indian benchmark index, trading around the 23,590 level, nearly 130 points premium from the Nifty futures’ close on Friday.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, such a doji formation usually signals caution for an impending trend reversal. However, given the current range movement, the chances of a significant reversal pattern forming could be less.
The Nifty continues to show range-bound action within the 23,300 - 23,500 levels, with no early signs of breakouts on either side. Shetti suggests that a decisive move above 23,500 levels could trigger an upside breakout, while a slide below 23,300 levels might indicate a potential downside breakout of the range movement in the near term. (Read the full story here.)
Sensex Today Live : Following a positive trend in global markets, India’s benchmark equity indices, the Sensex and Nifty 50, are projected to open on a high note on Tuesday. The uplift is influenced by a record rally in the US stock market, driven by gains in technology stocks due to an Artificial Intelligence (AI) boost, and a positive performance in Asian markets.
On the previous trading day, Friday, the Indian stock market closed higher, with the Nifty 50 reaching a record high during the session. The Sensex increased by 181.87 points (0.24%) to close at 76,992.77, while the Nifty 50 rose by 66.70 points (0.29%) to settle at 23,465.60. The Indian stock market remained closed on Monday, June 17, in observance of Eid-ul-Adha.
In the upcoming week, investors will be closely monitoring any announcements related to the forthcoming Union Budget or other government policies that could trigger stock-specific movements. Other factors that will influence the market include domestic and global macroeconomic indicators, trends in foreign fund flow, crude oil prices, central bank policy decisions, and other global cues. (Read the full story here.)
Sensex Today Live : Indian benchmark indices were likely to start on a strong note, led by a rally in US tech stocks that drove Wall Street to a record high close and which was also driving Asian peers higher.
In India, Gift Nifty futures was trading at 23,558, around a hundred point ahead of Nifty 50's Friday close of 23,558. Markets in India were closed on Monday due to Eid.
Asian stocks tracked Wall Street higher on Tuesday ahead of a chorus of Federal Reserve officials due to speak later in the day, while the Australian dollar held steady and domestic shares rose ahead of the country's interest rate decision.
Ebbing worries over political turmoil in Europe also added to the buoyant market mood and sent EUROSTOXX 50 futures 0.6% higher, reversing some of its steep losses from last week. FTSE futures similarly rose 0.43%.
The main market focus in Asian hours on Tuesday was on the Reserve Bank of Australia's (RBA) policy decision, where expectations are for the central bank to stand pat on rates.
Focus, however, will be on any forward guidance for a potential easing cycle Down Under.
The Aussie was last 0.07% higher at $0.6617, while Australian shares jumped 0.9%, in line with its regional peers.
"The RBA is universally expected to keep rates on hold today," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
"Key domestic data (and) events since the May meeting have been mixed but err slightly firmer in our view - a firm April CPI print, further house price gains, more resilient household consumption, a still tight labour market and expansionary budgets," he said.
"Things are still a long way from prompting the RBA to signal a shift to a less restrictive policy stance."
Elsewhere, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.68%, helped by an overnight rally on Wall Street.
"Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts has supported equities, defying concerns that the rally has been concentrated in just a few mega-cap tech stocks," said Jameson Coombs, an economist at Westpac.
Japan's Nikkei advanced 0.83%, while Hong Kong's Hang Seng Index edged 0.14% higher. Chinese blue-chips ticked up 0.17%.
Central banks in Norway, the UK and Switzerland are also due to meet this week, where bets are for the former two to hold steady on rates and for the Swiss National Bank to deliver another 25 basis points (bps) of easing.
Over in the United States, no fewer than six Fed speakers are on the docket on Tuesday, and they could provide further clues on the U.S. interest rate outlook following last week's policy decision.
Futures now point to roughly 45 bps worth of Fed cuts priced in for the rest of 2024.
In currencies, the dollar was mixed on Tuesday and fell a marginal 0.04% to 157.68 yen.
The euro fell a touch to $1.0729, while sterling rose 0.04% to $1.27105.
China's onshore yuan languished near a seven-month trough at 7.2554 per dollar, weighed down in part by mixed economic data on Monday that pointed to further support needed from Beijing to shore up the country's economy.
"China's May economic data suggest that policymakers have a lot to do to sustain the fragile recovery," said analysts at Societe Generale. "The supply side and external demand remained more robust than domestic demand, despite the moderation in industrial production growth."
Elsewhere, oil prices ticked higher on a stronger demand outlook and investor confidence that OPEC producers could pause or reverse plans to raise supplies from the fourth quarter of this year.
Brent crude futures were up 0.11% at $84.34 per barrel, while U.S. West Texas Intermediate crude futures firmed at $80.34 a barrel.
Spot gold edged 0.13% higher to $2,321.99 an ounce.
