Hong Kong (AFP) – Asian markets were mostly lower on Monday, although Tokyo’s main Nikkei stock average hit a record high after two of the three major U.S. indexes closed at record highs.
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But analysts say last week’s huge market rally, driven by an impressive performance by U.S. technology giant Nvidia, is losing momentum and investors are turning to profit-taking.
On Wall Street on Friday, the Dow Jones Industrial Average and S&P ended at record highs, but the tech-heavy Nasdaq index fell after rising 3% the previous day.
“Nvidia’s gains have slowed as other big tech stocks have fallen, following a nice recent AI-led rally,” said Rodrigo Catril, senior currency strategist at National Australia Bank. Ta.
Tokyo’s Nikkei Stock Average rose 0.5%, further surpassing the record set in December 1989, which it broke on Friday.
However, Chinese stocks slumped, with Hong Kong down 0.6% after opening higher in morning trading and Shanghai down 0.4%.
Catril said the losses came despite the Chinese government saying it wanted to expand sales of cars, home appliances and other consumer products as “gradual incentives to stimulate the economy.” said.
Singapore’s index fell by 0.9%, and Seoul’s index fell by 0.5%. Bangkok, Jakarta and Wellington saw declines, but Sydney remained flat. Taipei rose 0.1%.
Oil prices fell on Friday, widening losses as G7 countries pledged new sanctions two years after Russia’s invasion of Ukraine.
“Low demand for (oil) remains a concern, while new US and EU sanctions on Russia add to uncertainty,” Catril said.
Stephen Innes of SPI Asset Management also said global oil supplies were likely to slow this year.
“Global growth, and by extension global oil demand, is likely to be weaker than expected due to the current challenges facing the Chinese economy and the need for the Fed to remain persistent in easing inflationary pressures,” he said.
A number of key indicators will be released this week, including Australia and Japan’s January CPI, and a “Super Friday” including key inflation and manufacturing data released by both the US and China.
Main people around 0230GMT (Greenwich Mean Time)
Tokyo – Nikkei Stock Average: 39,308.52, up 0.5%
Hong Kong Hang Seng Index: down 0.6% to 16,631.80
Shanghai – Overall: FLAT 2,991.60
Dollar/JPY: down to 150.47 yen from Friday’s 150.53 yen
GBP/USD: down from $1.2672 to $1.2659
EUR/USD: fell from $1.0824 to $1.0815
EUR/GBP: up from 85.39p to 85.44p
Brent crude oil: down 0.4% to $81.28 per barrel
West Texas Intermediate: down 0.5% to $76.14 per barrel
New York – Dow: up 0.2% to 39,131.53 points (close)
London – FTSE 100: up 0.3% to 7,706.28 (close price)
© 2024 AFP