Asia shares turn cagey as rate hikes, earnings loom
Asian shares turned cagey on Monday ahead of a week that is certain to see interest rates rise in Europe and the United States, along with U.S. jobs and wage data that may influence how much further they still have to go.
Earnings from a who’s who of tech giants will also test the mettle of Wall Street bulls, who are looking to propel the Nasdaq to its best January since 2001.
Asia has been no slouch either as China’s swift reopening bolsters the economic outlook, with MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) up 11% in January so far at a nine-month high.
The index was off 0.2% on Monday with markets mixed across the region. Japan’s Nikkei (.N225) went flat, while Taiwan (.TWII) jumped 3.1%.
The Nikkei newspaper reported Renault (RENA.PA) was to lower its share holding in Nissan (7201.T) to 15%, while the latter would invest in Renault’s EV business.
Chinese blue chips (.CSI300) climbed 1.1% after returning from the holidays. Beijing reported Lunar New Year travel trips inside China surged 74% from last year, though that was still only half of pre-pandemic levels.
This report’s information was first seen on REUTERS; to read more, click this link.