India and mainland China markets are closed Friday. Hong Kong reopens without Stock Connect as the US jobs report looms.
With both India and mainland China closed, the avenues for Asian price discovery on emerging market risk narrow to Hong Kong, the offshore yuan and the rupee's non-deliverable forward market. These tend to be thinner and more volatile than their onshore equivalents. That is more consequential than usual today, because the US jobs report will be released after Asian markets close and could drive sharp moves in the dollar and Treasury yields. Oil adds another element of uncertainty: India and China are among the largest crude importers globally, so any weekend shift in Brent driven by headlines on Iran or diesel will only be priced in by their markets upon reopening. Traders should factor in catch-up moves on Monday in India and on October 8 in China.
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Two of Asia's biggest markets are closed on Friday, October 2, which leaves Hong Kong as the primary open venue for regional emerging market trading as it resumes activity after its own holiday.
India's equity, currency and debt markets are shut for Gandhi Jayanti, the national holiday commemorating Mahatma Gandhi's birth. Trading will restart on Monday, October 5.
Mainland China remains closed for the week-long National Day holiday. The Shanghai and Shenzhen stock exchanges, along with onshore futures and gold markets, are shut until Thursday, October 8. Hong Kong reopens on Friday after being closed on Thursday for National Day, but Stock Connect — the channel linking mainland and Hong Kong stocks — stays suspended in both directions until October 8. That means Hong Kong will trade without cross-border flows, potentially leaving China-focused and dual-listed shares on thinner, more offshore-driven liquidity.
For India, Friday's closure is the first of several in the weeks ahead. According to the National Stock Exchange's holiday calendar, markets will also close on Tuesday, October 20, for Dussehra; on Tuesday, November 10, for Diwali-Balipratipada; and on Tuesday, November 24, for the birth anniversary of Guru Nanak Dev. A special one-hour Muhurat trading session will be held on Sunday, November 8, to mark Diwali, with timings to be confirmed by the exchange.
The timing of Friday's closures is significant because the US September jobs report comes out after Asian markets close for the week. Any reaction in the rupee and the yuan will first appear in offshore trading — through the non-deliverable forward market for the rupee and the offshore yuan for China — with onshore markets catching up when they reopen, on Monday for India and October 8 for China.
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