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Asia-Pacific indices traded mostly lower during Monday's trading session. Japan's Nikkei decreses 0.1%, Australia's S&P/ASX 200 traded 0.5% lower and Chinese futures traded 0.8% lower.
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Asia's stocks started the week weak amidst numerous central bank policy decisions. Chinese investors anticipated additional support.
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Stocks in Hong Kong and China fell, dampening the mood, despite promises of boosting consumption and business. Chinese stocks experienced their worst week in four months.
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US stock futures remained mainly flat in Asia after minor changes in the S&P 500 on Friday and sustained technology company sales in the Nasdaq 100 following a disappointing week of reports.
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The yen increased slightly after a more than 2% drop last week, largely after the BoJ report. Most major currencies traded within narrow ranges against the US dollar on Monday.
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UAE's Energy Minister Mazroui stated that the current actions of OPEC+ are adequate.
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The Japanese Jibun Bank Manufacturing PMI was reported as 49.4, lower than the previous 49.8.
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Japan's government expects a Consumer Price Index (CPI) of around 1.5% for the fiscal year 2024.
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Goldman Sachs retains their forecast that the Bank of Japan will adjust its Yield Curve Control (YCC) in the policy meeting this week, but highlights high uncertainty.
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Japan's Vice Finance Minister for International Affairs Kanda refused to comment on the Bank of Japan's monetary policy.
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Australian Composite PMI was reported as 48.3, lower than the previous 50.1. Australian Services PMI and Manufacturing PMI also reported lower than their previous numbers.
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New Zealand's Annual Trade Balance reported as -15.98B, an improvement from the previous -17.12B. Trade Balance was reported as 9M.
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The IEA predicts oil markets will tighten in H2 2023 and mentioned global oil demand revision relies on China's economic growth prospects at the G20 meeting.
The Japanese Yen (USDJPY) rose from 137.7 to 141.5 following Friday's announcement that the BoJ currently sees no need to modify the Yield Curve Control (YCC) program. This information deepens the dovish sentiment around the yen.
