HONG KONG: Asian markets
struggled to build on their recent rally as investors cashed in while also
looking ahead to key central bank meetings that could provide an idea about
monetary policy in the new year.
Wall Street provided yet another record-breaking lead as the selling that hit
equities at the start of the month abates, while energy firms were supported by
stronger oil prices.
The week kicked off on a high
following forecast-busting jobs data from the US on Friday, which reinforced
the view that the world's top economy is in rude health.
However, dealers were unable to build
on the gains Tuesday, with analysts also pointing to thinning volumes towards
the end of the year.
By the break in Tokyo the Nikkei was
flat, while Hong Kong and Sydney were also barely moved.
Shanghai slipped 0.3 percent, Seoul
was down 0.4 percent and Singapore was off 0.2 percent.
"It's been a few good days on Asia's
stock markets as last week's swoon gave way to renewed confidence," said Greg
McKenna, chief market strategist at AxiTrader.
He added that" save for the recent
weakness Asian stock markets have generally performed reasonably well over the
past few months.”
McKenna attributed the recent losses
to profit-taking and lingering concerns about China's economy" rather than
anything chronic or outright negative.”
Focus is now on the last policy
meetings of central banks in the US, Britain and the eurozone this week.
While the Federal Reserve is expected
to lift interest rates again, the key will be comments from bank boss Janet
Yellen, which will be scanned for clues about its timetable for future
increases.
Bitcoin futures for January ended at
$18,850.00 as the cryptocurrency launched in a major exchange Sunday, well
above its $15,000 initial price on the Cboe.
The Cboe launch marked the first
opportunity for professional traders to invest in the digital unit on a
traditional platform and is expected to be followed in a week by a rival
listing on the Chicago Mercantile Exchange.
The spot price for Bitcoin quoted by
Bloomberg News – which is lower than the Cboe – was up just 0.3 percent at
$16,16.760.
On crude markets both main contracts
built on Monday's surge that came on news that a pipeline in the North Sea has
been shut down for a few weeks after it was found to be leaking.
"This is a significant outage at this
pipeline supplies nearly 40 percent of the North Sea’s Crude which represents
around 550,000 barrels per day," said Shane Chanel, equities and derivatives
adviser at ASR Wealth Advisers.
The closure provided some much-needed
support to the commodity as traders grow concerned that a Russia-OPEC output
cap could be reviewed next year.
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