Asian stocks mixed with geopolitics setting the tone

Asian stock markets were mixed on Monday as geopolitical tensions in the Middle East and Asia continued to weigh on sentiment, keeping the focus over the political scene.

Australia ASX -7.10 -0.12% 6,097.20 CLOSED

Shanghai Comp +15.16 +0.44% 3,447.84 CLOSED

Hang Seng Index +104.71 +0.36% 29,225.63 OPEN

Nikkei 225 -300.43 -1.32% 22,380.99 CLOSED

TSEC 50 Index -48.75 -0.45% 10,683.92 CLOSED

No relevant data was released in today’s Asian session. Ahead, market participants will be focusing on remarks from Bank of Japan Governor Kuroda as of 17:45 GMT and the release of the US Federal Budget for October at 19:00 GMT.

This week will also include key reports such as consumer and producer inflation in the United States and Europe, as well as retail sales and other key economic indicators.

Over the weekend, leaders from eleven countries agreed on "core elements" for the Trans Pacific Partnership (TPP), a deal of which President pulled out the United States.

In other news, the relation between Saudi Arabia and Iran continues to be in focus. Riad has called for an urgent Arab League ministerial gathering to assess Teheran’s role in the region.

Also in the Middle East, a 7.3-magnitude earthquake hit a large area in northern Iraq and the capital Baghdad on Sunday. Local media has reported at least six dead and dozens wounded.

On the corporate front, Chinese e-commerce giant Alibaba reported a record $25 billion in sales as part of its Singles' Day 2017 edition. Last year, the company said it sold $17.8 billion.

Last week, Michigan University’s consumer expectations and sentiment indicators for November were both below forecasted values at 87.6 and 97.8 respectively.

Fort Financial Services