Tech stocks dragged Japan’s Nikkei 225 down over 2% on Monday, with semiconductor equipment manufacturer Advantest Corp leading the losses at 6.32%. The index was also weighed down by Screen Holdings, Softbank Group, and Kawasaki Heavy Industries, all experiencing significant declines.
On the economic front, Japan managed to avert a technical recession as revised fourth-quarter GDP data showed a growth of 0.4%. This positive reading could pave the way for the Bank of Japan to raise rates sooner rather than later.
Meanwhile, China saw a reversal in inflation trends in February, with the consumer price index climbing 0.7% year-on-year. This marked the first increase in four months and beat economists’ expectations. The country’s producer price index, however, slipped 2.7% year-on-year.
Looking ahead, the consumer price index for February is set to be released this week, with expectations of a 0.4% monthly increase and a 3.1% year-over-year rise. U.S. stock futures opened little changed on Sunday night, with Dow Jones Industrial Average futures up slightly while S&P 500 and Nasdaq 100 futures dipped.
Overall, the markets are closely watching economic indicators and corporate performance for further insights into the global economic landscape.
