Asian stocks dip ahead of more China cues; Nikkei coasts past 40,000 By Investing.com
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© Reuters.
Investing.com– Most Asian stocks fell slightly on Monday, weighed chiefly by caution ahead of China’s national congress for 2024, although a sustained rally in technology stocks saw Japanese markets make new highs.
Regional markets mostly shrugged off a positive lead-in from Wall Street, which clocked record highs on Friday. U.S. stock futures were also muted in Asian trade on Monday, with a testimony by and key data spurring caution this week.
Chinese stocks fall ahead of 2024 national congress
But the biggest point of focus for Asian markets was the annual National People’s Congress in Beijing, which opens on Tuesday and is largely set to determine the path of Asia’s largest economy in the coming year.
While optimism over more policy support helped Chinese shares rebound from five-year lows through February, their rally now appeared to be running out of steam.
China’s blue-chip index fell 0.2% on Monday, while the index shed 0.3%.
Losses in mainland stocks dragged Hong Kong’s down 0.5%.
Recent official data still painted a bleak picture of the Chinese economy, while calls for liquidating the country’s biggest property developer, Country Garden Holdings Company Ltd (HK:), pointed to more trouble for the property market.
Japanese stocks an exception as Nikkei coasts past 40,000
Japanese stocks continued to vastly outpace their regional peers, with the rising 0.7% to a new record high of 40,356.0 points.
The broader index rose 0.2% and also hit a record high.
The Nikkei’s crossing of the 40,000 points saw the index clear a major psychological hurdle- a trend that could attract more gains in the near-term.
Technology stocks were the biggest boost to the Nikkei, as persistent hype over artificial intelligence drove stellar gains in their U.S. peers.
Signs of resilience in the Japanese economy and milder inflation also helped extend the Nikkei’s rally. Focus this week is on key , which usually acts as a bellwether for the broader Japanese economy.
Most other Asian markets trended lower on Monday. South Korea’s was an exception, rallying 1% in catch-up trade as technology stocks rose.
Australia’s was flat after reaching record highs last week. Key data is also on tap this week.
Futures for India’s index pointed to a muted open, after the index raced to record highs last week on persistent optimism over India’s fast-growing economy.
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© Reuters.
Investing.com– Most Asian stocks fell slightly on Monday, weighed chiefly by caution ahead of China’s national congress for 2024, although a sustained rally in technology stocks saw Japanese markets make new highs.
Regional markets mostly shrugged off a positive lead-in from Wall Street, which clocked record highs on Friday. U.S. stock futures were also muted in Asian trade on Monday, with a testimony by and key data spurring caution this week.
Chinese stocks fall ahead of 2024 national congress
But the biggest point of focus for Asian markets was the annual National People’s Congress in Beijing, which opens on Tuesday and is largely set to determine the path of Asia’s largest economy in the coming year.
While optimism over more policy support helped Chinese shares rebound from five-year lows through February, their rally now appeared to be running out of steam.
China’s blue-chip index fell 0.2% on Monday, while the index shed 0.3%.
Losses in mainland stocks dragged Hong Kong’s down 0.5%.
Recent official data still painted a bleak picture of the Chinese economy, while calls for liquidating the country’s biggest property developer, Country Garden Holdings Company Ltd (HK:), pointed to more trouble for the property market.
Japanese stocks an exception as Nikkei coasts past 40,000
Japanese stocks continued to vastly outpace their regional peers, with the rising 0.7% to a new record high of 40,356.0 points.
The broader index rose 0.2% and also hit a record high.
The Nikkei’s crossing of the 40,000 points saw the index clear a major psychological hurdle- a trend that could attract more gains in the near-term.
Technology stocks were the biggest boost to the Nikkei, as persistent hype over artificial intelligence drove stellar gains in their U.S. peers.
Signs of resilience in the Japanese economy and milder inflation also helped extend the Nikkei’s rally. Focus this week is on key , which usually acts as a bellwether for the broader Japanese economy.
Most other Asian markets trended lower on Monday. South Korea’s was an exception, rallying 1% in catch-up trade as technology stocks rose.
Australia’s was flat after reaching record highs last week. Key data is also on tap this week.
Futures for India’s index pointed to a muted open, after the index raced to record highs last week on persistent optimism over India’s fast-growing economy.
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