Asian Stock
Asian markets were seen swinging in between losses and gains on Monday after the Bank of Japan announced an unexpected increase in its monetary-easing program.
The Japanese market were shut on Monday in celebration of Culture Day as the Japanese yen fell to a seven-year low of 112.97 yen against the US dollar. BOJ policymakers voted to expand the country’s monetary base to 80 trillion yen annually from the current 60-70 trillion.
The BoJ also cut down its inflation rate projections to 1-1.4% for the 2014 fiscal year from the previous forecast of 1-1.7%.
Hong Kong’s Hang Seng index gained 0.26% to 24,059.88 points during the early trading hours, while the Chinese mainland Shanghai Composite remained flat at 2,420.31 points.
China’s manufacturing gauge is in the spotlight on Monday as the HSBC final Purchasing Managers’ Index (PMI) reading is expected to be released and forecasted to remain unchanged from the previous reading of 50.4. A reading above 50 indicates expansion in manufacturing activity, while a reading below 50 represents contraction.
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Over the weekend, a government gauge for October showed a slowdown in October, with the Purchasing Managers’ Index easing at 50.8 from 51.1 in September.
The South Korean Kospi index declined 0.4%, dragging the auto-maker Hyundai Motor lower by 5.9%. In Australian benchmark S&P/ASX 200 index fell 0.17% to 5,517.20 points.
In Sydney, miners saw major losses, with Fortescue Metals and Gibson Iron down by 3%, Newcrest Mining lost 8% and Beadell Resources declined 7%.
On the positive side, the banking sector saw gains with ANZ and Commonwealth Bank of Australia gaining 0.3%, National Australia Bank was up by 0.2% and Westpac rose 12%.
Europe Stock
Stocks in Europe posted losses during the early trading hours, while the German benchmark index was in between gains and losses on Monday.
The European Euro Stoxx 50 fell 0.06% to 3,111.60, while the UK’s benchmark FTSE 100 lost 0.09% to 6,540.01 and the French CAC 40 index declined 0.03% to 4,231.44. In Germany, the benchmark DAX 30 index gained 0.03% to 9,329.66.
In other news, the European Central Bank’s (ECB) monetary policy meeting will be the main focus for the market this week.
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