Forexpros – Asian stocks traded lower on Monday as traders bought and sold equities on earnings reports, brushing off French elections and news the International Monetary Fund received a fresh shot of funds for its war chest.
During Asian trading on Monday, Hong Kong’s Hang Seng Index was down 0.43%, Australia’s S&P/ASX200 was down 0.18%, while Japan’s Nikkei 225 Index was down 0.19%.
Over the weekend, G20 countries agreed to arrange USD430 billion in financing for the International Monetary Fund to help the multilateral lending institution contain the eurozone debt crisis and cushion the rest of the world from it.
Solid Chinese manufacturing data met muted response across Asian stock markets as well.
The HSBC Flash Purchasing Managers Index, an indicator of China’s industrial activity, hit 49.1 in April from a final reading of 48.3 in March, although stock markets took their time digesting the data in Asian trading.
In France, Nicolas Sarkozy trailed Socialist challenger Fran?ois Hollande in Sunday’s elections, leaving both candidates headed to a runoff in May.
However, right-wing candidate Marine Le Pen snapped took nearly 20 percent of the votes, well above expectations, although Asian stock markets shrugged off European politics as well.
In Hong Kong, the top decliners included China Mobile, down 1.86%, China Resources Power, down 1.70%, and China Resources, down 1.34%.
Top Australian decliners included Kagara Zinc, down 7.69%, Gunns Limited, down 3.03%, and Gryphon Minerals, also down 3.03%.
European stock futures indicated a lower opening.
France’s CAC 40 futures pointed to a loss of 0.15%, while Germany’s DAX 30 futures signaled a loss of 0.18%. Meanwhile, in the U.K., the FTSE 100 futures indicated a loss of 0.19%.
Dow Jones Industrial Average futures were down 0.15% while the S&P 500 futures were down 0.15% as well.
Stocks will follow earnings reports out of Asia and the United States before turning their attention to the U.S. Federal Reserve later in the week, when monetary policy authorities will address interest rates.
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