The stocks on the Asian bourses came under fresh selling pressure and trimmed early gains after the Chinese indices tumbled at open, with markets turning cautious ahead of a raft of crucial economic data lined up for release across the globe this week.
China shares drag Asia lower
The Japanese benchmark index, the Nikkei 225 snapped last week’s rally and now pares gains, with the index gaining 0.50% to 16,274 points. A drastic turnaround in the risk conditions appear to weigh on the Japanese stocks, as markets digested the outcome from the G20 meeting, while poor Japanese retail sales data also raised concerns over Japan slowdown fears. Exporters’ stocks were badly hit as the yen regained lost momentum and rallied against the greenback, with USD/JPY down -0.49% to 113.40 levels.
The Australian markets also followed suit, with the ASX 200 index now up 0.55% to 4,908. Meanwhile, higher oil and base metal prices are offering some support to the domestic equities.
While the Chinese stock market opened the week on a bearish note, with the Shanghai Composite down -3.45%, Shenzhen’s CSI300 also trades -2.76% lower. Hong Kong’s Hang Seng rallies drops nearly 1%.
(Market News Provided by FXstreet)
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