· Asian shares held near a 20-month top on Monday even as investors took some money off the table following a strong run recently, while oil jumped to more than a one-week high after two large crude production bases in Libya began shutting down.
In early European trades, the pan-region Euro Stoxx 50 futures, German DAX futures and FTSE futures each added 0.1% while E-Mini futures for the S&P 500 inched up slightly.
Turnover in Asian shares was light with U.S. stock and bond markets closed for the Martin Luther King Jr. holiday.
MSCI’s broadest index of Asia-Pacific shares outside Japan gave up early gains to be flat, after earlier notching up its highest since June 2018. Japan’s Nikkei added 0.2% to be near its highest in 15 months.
· Japanese shares edged higher to 15-month highs on Monday on strong U.S. housing data and investor optimism after last week’s U.S.-China trade deal, with take-over bids boosting some in the construction and machine sector.
The Nikkei share average rose 0.18% to 24,083.51, its highest close since October 2018. The broader Topix gained 0.50% to 1,744.16.
The gains came on the back of Wall Street’s record close on Friday after data showed U.S. homebuilding surged to a 13-year high in December.
The market was also underpinned by the signing of an interim trade deal last week between the world’s two largest economies.
· China stocks closed higher on Monday following signs that the economy may be stabilizing, and as hopes rose for more stimulus measures to aid growth.
The blue-chip CSI300 index ended 0.8% higher at 4,185.83, while the Shanghai Composite Index closed up 0.7% at 3,095.79.
China is confident of maintaining steady industrial growth this year despite big pressures facing the sector, Minister of Industry and Information Technology Miao Wei said.
· European markets opened slightly lower on Monday as policymakers and business leaders gather in Davos, Switzerland for the annual World Economic Forum (WEF) conference.
The pan-European Stoxx 600 slipped 0.1% lower at the start of trading, travel and leisure and utilities stocks falling 0.5% to lead losses while oil and gas stocks climbed 0.4%.
Reference: Reuters, CNBC
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