© Reuters
Investing.com — Most Asian stock markets fell Monday as investors huddled ahead of a series of Chinese economic data, but later in the week a number of Federal Reserve speakers on monetary policy A signal was also sent.
China’s index had its worst performance of the day, falling 1.1%, as local industrial, shipping and media stocks posted sharp losses amid waning optimism about China’s economic recovery.
The blue chip index fell 0.4% and investors are now waiting for data from China to be released on Tuesday. The data, which is expected to reflect some improvement from the previous month in April, also comes after a range of Chinese economic data fell short of expectations in the month.
The Chinese, and all in April, shrunk, showing that the post-coronavirus rebound is losing momentum.
The slowdown in the Chinese economy has soured sentiment for the broader Asian market, as China plays a key trading hub in the region. Hong Kong’s index was flat on Monday, while South Korea’s index and the index each fell 0.3%.
Australia lost 0.1% as continued decline data indicated a continued weakness in the country’s housing market, which weighed on large bank stocks.
Newcrest Mining Limited (ASX:), the nation’s largest gold mining company, rose in shares after its board recommended a $17.8 billion takeover offer from U.S. miner Newmont Corporation (NYSE:). increased by 1.2%.
Regional markets saw weaker flow from Wall Street after weaker-than-expected economic data on Friday signaled slowing growth as the world’s largest economy faces higher interest rates and persistent inflation. received.
This week, the focus is on the United States and data that give more clues about the world’s largest economy. Markets are also waiting for a barrage of speeches from the Fed this week, especially on Friday, for more insight into monetary policy amid growing hopes that the Fed will keep rates high for an extended period of time.
Japan’s index was the lone outlier on the day, up 0.7% as weaker-than-expected data signaled less pressure on the BOJ to tighten policy this year. Sentiment towards Japan was also fueled by strong first quarter results.
India’s index rose 0.2% in early trading ahead of April’s data.
