Asia markets in cautious mode
Wall Street unwound some of its gains on Friday, as investors lightened positions ahead of the weekend ahead of heavyweight US earnings this week and recession nerves. The S&P 500 finished 0.93% lower, the Nasdaq slumped by 1.87%, and the Dow Jones eased by 0.43%. In Asia, US futures are mixed, S&P 500 and Dow futures edging 0.15% lower, with Nasdaq futures gaining 0.15%.
Asian markets have been mostly content to follow Wall Street once again, although without the tail-chasing volatility, and are cautiously lower today. The exception is South Korea’s Kospi, which has moved 0.40% higher today. Elsewhere, Japan’s Nikkei 225 is down 0.80%. News that China is setting up an investment fund to prop up embattled China property developers has had little to no impact on markets today. The Shanghai Composite is down 0.55%, the CSI 300 is 0.65% lower, while the Hang Seng has fallen by 0.85%.
In regional markets, Singapore has gained 0.40%, while Taipei has fallen by 0.20%. Jakarta and Kuala Lumpur are unchanged, with Bangkok down 0.25%, and Manila droopping by a hefty 1.30%. Australian markets are slightly softer, the All Ordinaries and ASX 200 have eased 0.10% lower.
European markets finished modestly higher on Friday, but the move lower by Wall Street, and the cruise missile attack on Odessa over the weekend just after the grain export deal was signed is likely to spook European markets once again. Wall Street has so many variables this week; I am not even going to hazard a guess as to what mode the FOMO gnomes will show up in today.
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