Asian stocks opened weak ahead of crucial manufacturing data from China and Japan, as well as monetary policy decision from the Bank of Japan.
All but two of the 43 economists surveyed by Bloomberg expect no additional easing from Governor Haruhiko Kuroda this month.
October Of Losses
U.S. equity markets ended the Monday session absolutely flat, but benchmark indices closed October with their biggest monthly loss since January. The Dow Jones Industrial Average and the S&P 500 Index fell for the third straight month while the NASDAQ Composite Index snapped its three-month gaining streak.
Mixed corporate earnings, uncertainty over central bank policies as well as the U.S. monthly jobs report due Friday kept investors on the edge. The government will also release manufacturing data for the month of October later today.
The odds for a hike in lending rates by the U.S. Federal Reserve by December stood at 71 percent at the start of the week, according to futures rates tracked by Bloomberg. The Federal Reserve is forecast to leave interest rates unchanged at a two-day meeting that starts today.
Oil Near One-Month Low
Oil traded below the $47 per dollar level after falling as much as 3.8 percent on Monday. This comes on the back of OPEC (Organization of the Petroleum Exporting Countries) members failing to arrive at a consensus on how much oil each country should produce.
Russia is set to raise production to its highest level in almost 30 years, according to preliminary government data. Russia has stated that while it is unwilling to cut its output, it would be prepared to freeze production at current level.
Tepid Start To New Year?
The SGX Nifty Index was trading little changed at 8,608 as of 6:45 a.m. indicating a quiet start for Indian equities. The benchmark indices closed little changed in Sunday's shortened trading session on account of Diwali, the Hindu festival of lights.
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