Most Asian stocks concluded lower on Monday following a week filled with central bank meetings. This was characterized by a note of caution due to the intensifying trade disputes between the U.S. and China, and the prediction by the Federal Reserve Atlanta head, Bostic, suggesting only one rate cut for this year.There was a slight pause in the fall of the Japanese yen due to concerns about potential governmental intervention in currency markets. Conversely, the Chinese yuan gained ground against the dollar after the Chinese central bank signalled its continued support for the currency by setting a firm foundation. Gold also experienced a mild increase in Asian trading, while oil rose following a three-day drop due to tightened markets, impacted by geopolitics, sanctions and supply cuts from OPEC+.Chinese markets varied before closing considerably lower, following Beijing’s announcement of new guidelines to gradually phase out U.S. microprocessors from Intel and Advanced Micro Devices in government PCs and servers. The intention of the guidelines is also to replace Microsoft’s Windows operating system and foreign-made database software with local alternatives, as reported by the Financial Times.The Shanghai Composite index in China dropped by 0.71 percent to 3,026.31, and Hong Kong’s Hang Seng index decreased by 0.16 percent to 16,473.64. Japanese markets significantly fell as the yen’s descent came to a halt due to potential currency intervention by authorities. The Nikkei average dropped 1.16 percent to 40,414.12, breaking a four-day increasing trend ahead of the impending Tokyo inflation data.Seoul stocks ultimately closed lower as investors awaited the week’s industrial production and retail sales data. Upcoming U.S. and European inflation data this week is also anticipated, particularly the U.S. core PCE price index, which is expected to showcase a 0.3 percent increase for February, maintaining an annual pace of 2.8 percent. The Kospi average in Korea dropped 0.40 percent to 2,737.57, marking its second day of decline.The Australian markets went against the general regional decline, closing higher buoyed by mining and bank stocks. The S&P/ASX 200 rose 0.53 per cent to 7,811.90 prior to the release of key Australian inflation data later this week. Across the Tasman, New Zealand’s S&P/NZX-50 index ended 0.74 percent higher at 12,067.03.Friday saw U.S. stocks finishing mixed but with notable weekly gains as treasury yields recorded one-week lows due to cautious commentary from the Federal Reserve. The Nasdaq Composite edged up 0.2 percent, hitting a record close, while the S&P 500 declined by 0.1 percent and the Dow fell by 0.8 percent.The material has been provided by InstaForex Company – www.instaforex.com
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