Mixed Performance in Asian Markets Amidst Chinese New Year Holiday

Mixed Performance in Asian Markets Amidst Chinese New Year Holiday

Key Points:

  • Asian markets maintain a narrow range during Chinese New Year holiday closures.
  • CSL’s failed heart attack drug trial contributes to a 0.2% dip in Australia’s ASX 200.
  • Positive earnings propel ANZ Group Holdings Ltd and JB Hi-Fi Ltd, the latter witnessing a nearly 7% surge.

Asian markets navigated a narrow range on Monday as several major markets observed closures for the Chinese New Year celebrations. Chinese, Hong Kong, Singapore, and South Korean markets were closed for the Lunar New Year, while Japan observed National Day.

Australia’s ASX 200 experienced a 0.2% decline, primarily due to losses in CSL Ltd (ASX: CSL), a biopharmaceutical giant. CSL reported that a phase 3 trial for a heart attack drug failed to meet its primary efficacy endpoint.

Despite CSL’s setback, positive earnings reports buoyed the ASX 200, with ANZ Group Holdings Ltd (ASX: ANZ) and JB Hi-Fi Ltd (ASX: JBH) registering strong gains. JB Hi-Fi, in particular, soared nearly 7% following better-than-expected half-year profit figures.

The rest of the Asian stock market remained relatively subdued, with futures for India’s Nifty 50 index indicating a flat open, awaiting key inflation data to be released later in the week.

U.S. CPI is expected to show a slight easing in January but remain above the Federal Reserve’s 2% target, providing little motivation for early interest rate cuts. Several Fed officials are set to speak during the week, offering insights into future monetary policy decisions.

Most Asian markets grappled with a sluggish start to 2024, with early U.S. interest rate cuts becoming less probable in market expectations. However, Japanese shares defied the trend, with traders flocking to the market due to expectations of a dovish Bank of Japan and robust corporate earnings.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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