Total e-way bills generated in Jul’21 rose to 64.2mn (+17.3% MoM), highest in FYTD22 and up from 54.7mn in Jun’21. In weekly comparison, while activity was off to a slow start in the 1st week of Jul’21 with only 7mn bills generated, compared with 9mn generated in the 1st week of Jun’21, momentum gained towards the end of Jul’21. Average daily e-way bill generation rose to 2.43mn in the last week of July’21 compared with 2.33mn generated in the previous week and also highest since the week ending 16 May 2021.
US factory orders rose more than estimated by 1.5% in Jun’21 (est.: 1%) from 2.3% in May’21, on MoM basis. This was led by gains in machinery, computers and electronic products, electrical equipment and appliances. Orders for non-defense capital goods excluding aircraft (proxy of business spending) also rose by 0.7% in Jun’21 from 0.5% in May’21.
Japan’s services PMI slipped further in the contraction territory to 47.4 in Jul’21 from 48 in Jun’21. The index has remained below 50 for the 18th consecutive month. With Covid-19 restrictions in place, new orders declined. Employment also dipped for the first time since Dec’20. Firms also reported an increase in input costs. On the other hand, Caixin’s services PMI index for China rose to 54.9 in Jul’21 from a 14-month low of 50.3 in Jun’21, led by a steep increase in new orders.
Markets
Bonds: Global yields closed mixed. US 10Y yield fell a tad by 1bps (1.17%) ahead of the jobs report. UK 10Y yield closed flat at 0.52% eyeing BoE policy meeting. Germany’s 10Y rose by 1bps (-0.48%) as manufacturing PMI print remained buoyant. Crude prices fell by 0.7% (US$ 72/bbl) over fears of spread of the contagious Delta variant. India’s benchmark 10Y yield closed flat at 6.2%.
Currency: Except CNY and EUR (lower), other global currencies closed higher. DXY remained subdued amidst an increase in Covid-19 cases. AUD rose the most by 0.5% amidst hawkish comments from RBA. INR rose by 0.1% supported by global cues and lower oil prices. It is trading further higher today while other Asian currencies are trading mixed.
Equity: Global indices ended mixed as investors continued to monitor rising Covid-19 cases globally. Amongst other indices, both Nikkei and Shanghai Comp dropped by 0.5% each. Sensex (1.6%) on the other hand surged the most led by strong gains in banking and auto stocks. It is trading higher today; while other Asian stocks are trading mixed.
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