Asian Stocks in the Red, Central Banks Action in Focus
The Asian stocks kicked-off the week this Monday on a weaker footing, as
markets remain unnerved ahead of FOMC, RBNZ and BOJ monetary policy
decision due later this week.
Moreover, lower oil prices and yen’s relatively stronger across the board also weighed down on the region’s indices. Meanwhile, Australian and New Zealand’s markets remain closed today in observance of ANZAC day.
The Japanese stocks trade deep in the red as demand for the yen is seen on the rise as oil prices drift lower. The Japanese benchmark index, the Nikkei 225 now trades -0.76% lower around 17,440 points, while USD/JPY trades muted at 111.10, down -0.54% so far.
While the Chinese benchmark Shanghai Composite index also drops -0.87% to 2,933 points, the CSI300 index tanks -0.91% to 3,146, while Hong Kong’s Hang Seng slides -0.50% to 21,370 levels.
The underlying cautious tone in the markets can be attributed to the nervousness ahead of the central banks’ events along with a fresh batch of economic data lined up for release this week. China is scheduled to release data on March industrial profits on Wednesday, while Japanese data on inflation, retail sales and unemployment are due Thursday. Whilst, earnings will also be in focus, with Japan’s Nomura Holdings Inc. and major Chinese banks scheduled to report this week.