Equities movements were muted and foreign exchange markets were steady in early Asia-Pacific trading on Monday despite jitters on Wall Street late last week amid concern over the outlook for global growth.
The CSI 300 index of major Shanghai and Shenzhen stocks was off 0.4 per cent and in Hong Kong, the Hang Seng index was also 0.2 per cent lower. The picture was slightly rosier in Japan and Australia with Tokyo’s Topix adding 0.2 per cent and in Sydney the S&P/ASX 200 was up 0.1 per cent.
The dollar index, measuring the greenback against a basket of peers was basically unmoved at 97.447 while the Japanese yen softened a touch to ¥113.47 against the dollar.
The moves came after the S&P 500 on Friday fell 1.9 per cent to its lowest close since early April as weak economic data from China and Europe weighed on the global growth outlook.
Analysts are now looking ahead to a key meetings in the US and in China this week. The US Federal Reserve, which meets on Wednesday, is expected to raise rates and provide a signal for the year ahead.
And the Central Economic Work Conference in China on Tuesday is being closely watched for signs of further stimulus as Beijing grapples with a slowing economy.
“Investors will likely keep sidelined awaiting the Fed’s dot plot later in the week with protracted Brexit drama and poor economic data out from China giving traders all the incentive to remain defensive,” ING analysts said in a research note on Monday.
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