Asian Stocks Mixed As Busy Economic News Week Kicks Off
- Asian stocks were mixed Monday
- The Shanghai Composite was the standout faller although a single, clear reason was hard to spot
- The US Dollar edged back from three-month highs made after strong growth numbers
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Monday was a mixed session for Asian stocks with investors digesting local corporate news in the absence of an overarching economic data theme. Political trouble in Spain continued to weigh on the Euro.
Chinese stock markets endured a weaker session than that seen last week, with the Shanghai Composite down more than 1%. There seemed to be no one big story behind this news with some analysts reportedly blaming a sharp pullback from the psychologically important 3,400 level scaled last week. Local bond market weakness was also cited by some, The Nikkei 225 ended up, but only just, adding on a scant 0.01%. Australia’s ASX 200 was up 0.3%, its energy sector leading the way. The Kospi was up 0.1%.
The US Dollar edged back from the highs seen Friday in the wake of strong growth data, while continued unrest in Spain’s restive Catalonia region kept the Euro in check too.
Gold edged lower as key central bank meetings approach this week- we’ll hear from both the US Federal Reserve and the Bank of Japan. Oil prices were firm as investors expect production cuts to be extended by traditional producers.
The day’s data highlight will probably be the US personal consumption release, but there are other points of likely interest. Germany’s official October Consumer Price Index is coming up, and that may give a steer for the Eurozone number due on Tuesday. UK consumer credit numbers are also on the slate.
--- Written by David Cottle, DailyFX Research
Contact and follow David on Twitter:@DavidCottleFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.