Asian stocks fell, with US and European equity futures also edging lower, as investors reduced positions amid year-end uncertainty. The MSCI Asia Pacific Index ended a five-day rally, with declines in Australia, Japan, and China. Treasury yields dropped, and trading volumes remained thin across the region due to the holiday season.
Japanese stocks saw trading volumes 17% below average, while Australian volumes were down 51%. Nissan fell 6.7% in Tokyo on concerns over its Honda deal, while Jeju Air plunged 16% in Seoul after a fatal crash.
Compare Top Forex brokers and start trading and investing with a trusted partner
Despite Monday’s dip, Asian markets are set for a strong 2024, with the MSCI Asia Pacific Index up 7.6%, boosted by central bank easing and AI-driven tech rallies. Treasury 10-year yields eased to 4.61%, and the Australian dollar strengthened on rising iron ore prices.
In the US, the S&P 500 and Nasdaq 100 fell Friday, led by tech sell-offs. Strategist Kenny Polcari noted, “Santa’s rally already happened. Expect light volumes and exaggerated moves this week.”
Oil prices were steady, heading for a year-end loss, while gold is on track for one of its best annual gains in decades.
Subscribe for our newsletter
Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!