Asian stocks dip ahead of Chinese data, Fed cues By Investing.com
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Investing.com– Most Asian stock markets retreated on Monday as investors hunkered down before a string of Chinese economic readings, while monetary policy signals from a slew of Federal Reserve speakers were also on tap later in the week.
China’s index was the worst performer for the day, down 1.1% as local industrial, shipping and media stocks logged steep losses amid waning optimism over an economic recovery in the country.
The bluechip index fell 0.4%, with investors now awaiting , and data from China, due on Tuesday. While the data is expected to reflect some improvement in April from the prior month, it also comes after a string of Chinese economic readings missed expectations for the month.
Chinese , and all shrank in April, indicating that a post-COVID rebound was running out of steam.
Weakness in China soured sentiment towards broader Asian markets, given the country’s role as a major trading hub for the region. Hong Kong’s index was flat on Monday, while South Korea’s and the index lost 0.3% each.
Australia’s lost 0.1% as data showing a continued decline in pointed to continued weakness in the country’s housing market, which in turn weighed on heavyweight bank stocks.
Shares of Newcrest Mining Ltd (ASX:), the country’s largest gold miner, rose 1.2% after its board recommended a $17.8 billion takeover offer from U.S. miner Newmont Goldcorp Corp (NYSE:).
Regional markets took a weak lead-in from Wall Street following softer-than-expected data on Friday, which pointed to slowing growth as the world’s largest economy grapples with high interest rates and sticky inflation.
Focus this week is now on U.S. and data for more cues on the world’s largest economy. Markets are also awaiting a barrage of Fed speakers this week, most notably on Friday, for more insight into monetary policy, amid growing expectations that the Fed will keep rates higher for longer.
Japan’s index was the sole outlier for the day, rising 0.7% as softer-than-expected data pointed to less pressure on the Bank of Japan to tighten policy this year. Sentiment towards Japan was also aided by a stellar first-quarter earnings season.
India’s index rose 0.2% in early trade, ahead of a reading on in April.
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© Reuters
Investing.com– Most Asian stock markets retreated on Monday as investors hunkered down before a string of Chinese economic readings, while monetary policy signals from a slew of Federal Reserve speakers were also on tap later in the week.
China’s index was the worst performer for the day, down 1.1% as local industrial, shipping and media stocks logged steep losses amid waning optimism over an economic recovery in the country.
The bluechip index fell 0.4%, with investors now awaiting , and data from China, due on Tuesday. While the data is expected to reflect some improvement in April from the prior month, it also comes after a string of Chinese economic readings missed expectations for the month.
Chinese , and all shrank in April, indicating that a post-COVID rebound was running out of steam.
Weakness in China soured sentiment towards broader Asian markets, given the country’s role as a major trading hub for the region. Hong Kong’s index was flat on Monday, while South Korea’s and the index lost 0.3% each.
Australia’s lost 0.1% as data showing a continued decline in pointed to continued weakness in the country’s housing market, which in turn weighed on heavyweight bank stocks.
Shares of Newcrest Mining Ltd (ASX:), the country’s largest gold miner, rose 1.2% after its board recommended a $17.8 billion takeover offer from U.S. miner Newmont Goldcorp Corp (NYSE:).
Regional markets took a weak lead-in from Wall Street following softer-than-expected data on Friday, which pointed to slowing growth as the world’s largest economy grapples with high interest rates and sticky inflation.
Focus this week is now on U.S. and data for more cues on the world’s largest economy. Markets are also awaiting a barrage of Fed speakers this week, most notably on Friday, for more insight into monetary policy, amid growing expectations that the Fed will keep rates higher for longer.
Japan’s index was the sole outlier for the day, rising 0.7% as softer-than-expected data pointed to less pressure on the Bank of Japan to tighten policy this year. Sentiment towards Japan was also aided by a stellar first-quarter earnings season.
India’s index rose 0.2% in early trade, ahead of a reading on in April.
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