Asian Stock Market: A mixed bag ahead of Fed, with China and Aussie closed

Asia-Pacific shares started the new session on a lower on Monday.
Risk aversion keeps investors away from riskier assets.
China and Australia market remain closed for trading today.

Rekha Chauhan Independent Analyst

Asia-pacific shares trade mixed on Monday diverting from the gains on the US stock market in the last trading session. The Dow Jones Industrial Average rose 0.04%, S&P 500 gained 0.19%, and the Nasdaq added 0.35% gains on Friday.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%. The major markets in the region-China, Hong Kong, and Australia are shut on Monday.

Japan's Nikkei rose 0.35%, Kospi edged down by 0.01%, and Topix gained 0.25%.

Meanwhile, the Japanese government decided to lift the COVID-19 restrictions in its three provinces on declined corona cases and eased hospital strain. The Japanese Prime Minister Yoshihide Suga on Friday reaffirmed to go ahead with the Tokyo Olympics in July, despite concerns over the coronavirus pandemic.

Market participants remain cautious ahead of the FOMC meeting later in the week. Furthermore, the G7 leaders decided to counter China’s Belt and Road Initiative amid heavy criticism of COVID-19 origin and Human rights issue.

As there is no direct response from China, although China’s Embassy in London issued a statement that says days of “Small Group '' of countries dictating global decisions are long gone, sours the market sentiment.

Gold is trading at $1,864.20, down 0.82% for the day.

The US Dollar Index (DXY) stands at 90.53 with 0.03% gains.

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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