Source: AFP
Asian markets were mostly lower on Monday, although Tokyo’s main Nikkei hit new all-time highs after two of the three main US indexes closed at record highs.
But investors turned to profit-taking as last week’s rally in the market — fueled by spectacular results from U.S. tech giant Nvidia — is losing steam, analysts said.
On Wall Street on Friday, the Dow and S&P closed at record highs, but the tech-heavy Nasdaq fell, after rising 3% a day earlier.
“Nvidia’s rally moderated while other major tech stocks fell after a decent AI-driven run of late,” said Rodrigo Catril, senior FX analyst at National Australia Bank.
Tokyo’s Nikkei rose 0.5 percent, further surpassing the December 1989 record it broke on Friday.
However, Chinese shares fell, with Hong Kong opening higher and then losing 0.6% in morning trade and Shanghai shedding 0.4%.
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The losses came despite the Chinese government saying it wants to boost sales of cars, home appliances and other consumer goods in “piecemeal stimulus to stimulate the economy,” Catril said.
Singapore fell 0.9% and Seoul also fell 0.5%. Bangkok, Jakarta and Wellington were lower, while Sydney was flat. Taipei gained 0.1%.
Oil prices fell, extending losses on Friday, as G7 countries promised fresh sanctions on Russia two years after it invaded Ukraine.
“The lack of demand (for crude oil) remains a concern, while new US and EU sanctions on Russia have added to the uncertainty,” Catril said.
SPI Asset Management’s Stephen Innes also said global oil supply would likely slow this year.
“Global growth, and therefore global oil demand, is more likely to underperform expectations given the challenges currently facing the Chinese economy and the need for the Fed to persist in easing inflationary pressures,” he said.
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![](https://images.yen.com.gh/images/a2c1070f0af36eea.jpg?impolicy=cropped-image&imwidth=256)
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This week brings a number of important indicators, including January CPI for Australia and Japan, and ‘Super Friday’ with key inflation and manufacturing data released by both the United States and China.
Keys around 02:30 GMT
Tokyo – Nikkei 225: UP 0.5 percent at 39,308.52
Hong Kong – Hang Seng Index: DOWN 0.6 percent at 16,631.80
Shanghai – Composite: FLAT at 2,991.60
Dollar/yen: DOWN at 150.47 yen from 150.53 yen on Friday
GBP/USD: DOWN to $1.2659 from $1.2672
EUR/USD: DOWN at $1.0815 from $1.0824
Euro/pound: UP to 85.44 pence from 85.39 pence
North Sea Brent crude: Down 0.4% at $81.28 a barrel
West Texas Intermediate: DOWN 0.5% to $76.14 a barrel
New York – Dow: UP 0.2 percent at 39,131.53 (close)
London – FTSE 100: UP 0.3 per cent at 7,706.28 (close)
Source: AFP