Stocks in Asia were poised to decline at the open on Monday as Chinese manufacturers were set to return to work, but many are expected to remain shut for longer due to the ongoing coronavirus outbreak.
Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 23,700 while its counterpart in Osaka was at 23,690. That compared against the Nikkei 225’s last close at 23,827.98.
Meanwhile, stocks in Australia were little changed in early trade, with the S&P/ASX 200 largely flat.
Investors will watch for the release of Chinese inflation data for January, with the Consumer Price Index and Producer Price Index set to be out around 9:30 a.m. HK/SIN on Monday.
Developments on the ongoing coronavirus outbreak will also continue to be watched, with the death toll from the disease overtaking that of SARS over the weekend.
Factories in China are scheduled to reopen on Monday after an extended holiday because of efforts to control the new coronavirus, though many are expected to remain shut for longer. Investors are set to monitor the potential impact to supply chains. Quarantines and other measures put in place to contain the outbreak could continue to disrupt electronics manufacturing well into the 2020 holiday season, even if factories quickly return to full production, manufacturing experts said.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 98.716 after touching rising from levels below 97.6 last week.
The Japanese yen traded at 109.74 per dollar after weakening from levels below 108.6 in the previous trading week. The Australian dollar changed hands at $0.6675 after declining from highs above $0.672 last week.
Here’s a look at what’s on tap on Monday:
- China: Consumer Price Index and Producer Price Index for January at 9:30 a.m. HK/SIN
— CNBC’s Eunice Yoon and Kif Leswing contributed to this report.