Asian shares dip amid U.S., China reports
Asian shares went off with a poor start on Monday, facing a week packed with major U.S. and China economic data. Japan’s Nikkei stopped just short of a height last attained in 1990.
Hopes for renewed stimulus from a new prime minister boosted the Nikkei by 4.3% during the previous week, while Topix reached the 30-year highs on Friday. However, the upward run came to a halt when Nikkei stumbled on Monday.
In the U.S., reports of the Democrats proposing a tax hike for corporations and the wealthy could spell a cautious mood.
Worries continued to pile up over China’s regulatory crackdowns following a report that Beijing is aiming to break up Alipay, the payment app by Jack Ma’s Ant Group.
MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1.2%, while Chinese blue chips lost 0.5% amid mostly red markets in the region.
The Nasdaq and S&P 500 futures remained largely unchanged after their profits in the previous week.