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Asian markets weaker on disappointing US GDP Q1, Japan and China out today

FXstreet.com (Barcelona) - Most of the major equity indexes in Asian entered the week in “red” as they closed Monday trading with losses: Hong Kong’s Hang Seng (-0.22%) and South Korea’s Kospi (-0.12%) were down today, while Japan’s Nikkei Stock Average and Mainland China’s Shanghai Composite were closed today. Sentiment is weaker due to Friday’s US Q1 GDP, coming in at 2.5% instead of the 3% expected.

Futures for the German DAX 30 (+0.38%) and the French CAC 40 (+0.44%) are signaling a higher opening ahead the EMU confidence report and German CPI. Also, investors are cheering this weekend’s news of an Italian coalition government as PM Lette (PD) formed an alliance with Berlusconi’s PDL party (even though he is not assuming any senior ministerial positions, he remains popular and influential), while Grillo’s Five-Star party refused to join, as expected. Investors will also be pricing in expectations regarding the ECB meeting and the FOMC meeting this week.

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With Japan’s Nikkei Stock Average out for Showa Day, the USD/JPY first eased to 97.36 low, extending last week’s losses, but was able to retrace part of the losses to 97.80 (-0.30% on the day) ahead of the European session. Spain retail sales and HICP, Italia wage inflation, EMU confidence, Greece PPI, and German CPI will be published today during the European morning.
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