Investor sentiment in the Asia-Pacific region was dampened on Monday following a US jobs report that cast doubt on the prospect of early interest rate cuts by the Federal Reserve.
Asia-Pacific markets traded lower on Monday, after a U.S. jobs report on Friday dampened investors' hopes for early interest rate cuts by the Fed eral Reserve. The Nikkei fell 1.6%, trading below 19,000 for the first time since last September, data from LSEG showed. Mainland China's benchmark CSI 300 dropped 0.75%, having China is slated to release its December trade data later in the day, while India is expected to report its inflation numbers.
Investors in Asia will continue to keep an eye on Chinese bond yields after the country's central bank suspended purchases of government bonds last Friday. China's 10-year bond yield plunged to a 36-year low. Looking to the rest of this week, the Bank of Korea is expected to meet this Thursday, and Australia is slated to post its unemployment rate for December on the same day. China will be posting its GDP for the fourth quarter of 2024 on Friday, alongside retail sales and industrial output data. The unemployment rate, which was projected to remain at 4.2%, fell to 4.1% during the month. The yield on the China's 10-year bond hit a 36-year low. The People's Bank of China and other regulators pledged to enhance the management of the foreign exchange market and prevent any risk of 'overshooting' of the yuan. During a meeting held in Beijing, officials stressed that it was 'necessary to unswervingly maintain the basic stability of the RMB exchange rate at a reasonable and balanced level,' according to the PBOC statement. The Chinese currency strengthened on Monday, with the onshore yuan trading at 7.331 against the dollar, while the offshore yuan was at 7.352. Goldman Sachs estimates that the vessels targeted by the sanctions amounted to 25% of Russia's energy exports, with the majority being crude oil. However, the investment bank believes that the incoming Trump administration will want to avoid significant drops in Russian volumes given its ambition for lower energy prices in the U.S., analysts wrote in a note after.
ASIAMARKETS FED RATES CHINA ECONOMY BOND YIELDS
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