Asian-Pacific markets showed mixed results in this week’s opening session. The Nikkei 225 in Japan was a leading gainer, up by 0.85%, while Chinese indices declined over 1.30%.
Shares in Australia and South Korea also fell. The regional equity gauge dropped for the fifth time in six days, though both US stock futures and Japanese equities showed growth.
Chinese stocks were among Monday’s most significant decliners in Asian markets. This drop followed news from Friday that China’s Evergrande had postponed a crucial creditor meeting.
Furthermore, China Oceanwide Holdings, a major developer with projects in cities like Los Angeles and New York, was declared bankrupt in Bermuda.
Oil prices rose as hedge funds adjusted their outlooks, anticipating tighter supplies to drive up prices.
Bank of France’s President Francois Villeroy de Galhau signaled no immediate intention to raise rates beyond the recent hike to 4.00%. He stressed the current importance of patience over rate hikes.
The Iraq Central Bank plans to transition all domestic transactions to Iraqi dinars, moving away from US dollars next year.
The EU trade chief stated on Monday that while the EU is adjusting its economic dependencies on China, it does not aim to sever ties. China can significantly impact risk perception through its actions.
Precious metals are trading virtually flat. There were no significant movements in the first part of the day.
Cryptocurrencies are trading lower than the close on Friday evening. Although no significant news has emerged, the bulls remain weak in the face of high interest rates and regulatory uncertainty.