Asian stock markets traded mixed although Chinese data was better than market expectations.
The ASX 200 (+0.4%) opened higher following Wall Street’s surge last Friday but was limited by falls in energy-related and finance sectors.
The Nikkei 225 (+0.5%) opened higher but declined again due to weak GDP data showing a broader-than-expected quarterly contraction in the third quarter, as the economy remained plagued by widespread state of emergency in key areas including Tokyo and surrounding provinces.
Hang Seng (-0.2%) while Shanghai Composite (-0.1%) declined slightly although China’s published industrial production and retail sales data were better than market expectations.
Crude oil prices fell below the $80 a barrel level as the threat of a supply stimulus from the US weighed on the market and amid signs of declining demand.
Gold prices remained above the $1,850 level on Monday after hitting a new 5-month high as investors turned to gold after US inflation soared to its highest level since November 1990.
The US dollar hovered around the 95.00 level as the market awaited new indications from the Fed on monetary policy.
AUD & NZD strengthened on Monday supported by better Chinese industrial production and retail sales data.
GBP/USD traded 1.3430 as investors awaited talks between the UK and the EU on the Northern Ireland protocol.