Asian stocks fell on Monday, consolidating gains after their best weekly run in five months, as investors awaited China’s rate decision and testimony from U.S. Federal Reserve Chairman Jerome Powell for guidance on the way forward.
🔹 Nikkei falls, just to 7-month low after BOJ meeting
🔹 China is expected to cut rates after growth disappointed
🔹 USA closed for holiday, awaiting Powell’s testimony
🔹 BOE will raise rates by 25 basis points on Thursday, oil will fall
Europe is poised to extend the decline when markets open there, with pan-regional Euro Stoxx 50 futures up 0.7%. American markets are closed for the June holiday, Wall Street futures are mostly stagnant in Asia.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8% on Monday after hitting a four-month high in the previous session and ended up 3% for the week, its best since January.
Japan’s Nikkei fell 1.3% as it hit a three-decade high on Friday as support from the Bank of Japan (BOJ) kept its ultra-easy policy setting unchanged, sending it to just a 7-month low against the US dollar.