the day. That said, the holiday in Australia and the light calendar can also be held responsible to restrict the tradingAgainst this backdrop, MSCI’s index of Asia-Pacific shares outside Japan prints mild losses after rising to nearly a five-week high earlier in the day whereas Japan’s Nikkei 225 rises 0.40% intraday to 32,370 by the press time of early Monday morning.
Elsewhere, multiple rate cuts from several lenders in China raise expectations of no rate hike from the People’s Bank of China . Even so, indecision about the region’s biggest economy’s transition from the Covid-led recession prods the optimists in China. The same joins the absence of traders from Australia to portray a sluggish day for the Pacific markets.
On a different page, South Korea’s KOSPI drops half a percent as Bank of Korea Governor Rhee Chang-yong cites economic fears of the economy. Above all, the market’s anxiety ahead of this week’s monetary policy meetings from the US Federal Reserve , European Central Bank , PBoC and BoJ keep the traders on a dicey floor even if hopes of no rate hikes tease buyers.
Amid these plays, US stock futures manage to trace Wall Street’s gains at a slower pace while the Treasury bond yields remain sidelined. Further, the US Dollar Index licks its wounds after a two-week downtrend while prices of Gold and WTI crude oil remain depressed.
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