Asian equity markets were little changed on Monday in the absence of a lead from Wall Street last week due to the July 4 U.S. holiday.
The mood was cautious after International Monetary Fund chief Christine Lagarde warned over the weekend that the pace of global growth may be weaker than expected in the second half of the year due to weak investment. Lagarde also said she does not see a hard landing for China.
“Overall, last week was a pivotal week for markets and wrapped up on a relatively positive note for most global markets. With that in mind, there is a good chance we’ll see this momentum continue in today’s trade until we get some fresh leads from the U.S.”, said Stan Shamu, market strategist at IG in a morning note.