Investing.com – Asian stocks held in a tight range on Monday as most of the region’s major markets were closed for Chinese New Year and losses from pharmaceutical giant CSL (OTC:) dragged Australia’s ASX 200 lower.
Markets in China, Hong Kong, Singapore and South Korea were closed for Lunar New Year, while Japan was also closed for National Day.
Australian shares fell 0.2% as a slew of positive gains were offset by losses in LLC “KSL” (ASX:) after the biopharmaceutical giant said a phase three trial of a heart attack drug failed to meet its primary efficacy endpoint.
Losses in CSL, which is the third-largest stock on the ASX by market capitalization, offset strong gains in ANZ Group Holdings Ltd (ASX:) and JB Hi-Fi Ltd (ASX:) after the two companies posted strong gains over three and six months until December 31, respectively.
JB Hi-Fi shares in particular jumped nearly 7% after the company posted a smaller-than-expected decline in half-year profit.
Other Asian shares were largely muted. Indian index futures are pointing to a neutral opening ahead of key events this week. The data came just days after the Reserve Bank of India warned it would remain largely hawkish over risks of rising inflation in the coming months.
US stocks face US inflation test this week
Regional indices showed little reaction to a record close in US stocks on Friday as traders turned largely cautious ahead of key US inflation data on Tuesday.
and futures were little changed, while Asian trade was slightly lower.
U.S. consumer price index inflation is expected to slow slightly in January but is likely to remain well above the Federal Reserve’s annual 2% target, giving the central bank little incentive to begin cutting interest rates.
In addition to inflation data, a number of Fed officials will speak this week to provide additional guidance on monetary policy.
Most Asian markets suffered a sluggish start to 2024 as markets began to gradually rule out the possibility of an early US interest rate cut.
Japanese stocks were an exception to this rule, as bets on the Bank of Japan’s dovish behavior and high earnings drove traders into Japanese stocks in droves. on Monday rose 0.2%.