But Chinese stocks snapped their recent losing streak on Monday – the blue chips index rose 1.5% for its best day since Feb. 20, and second best day this year – as investors turn their attention to three key earnings reports this week.
Tech giants Baidu <9888.HK> and Tencent <0700.HK> report Q1 results on Tuesday and Wednesday, respectively, and Alibaba <9988.HK> releases full-year 2023 results on Thursday.
The Hang Seng tech index <.HSTECH> has significantly underperformed the Nasdaq this year – it is down 5% while Wall Street’s major tech index is up 18% – but it has rallied for the last four sessions, its best run since March.
Elsewhere in Asia, the Thai baht on Monday posted its biggest rise against the dollar in three weeks, lifted by stronger-than-expected GDP growth figures, although investors were braced for political uncertainty after the opposition secured a stunning election victory on Sunday.
Meanwhile, convention around blackout periods ahead of policy decisions are a little different in the Philippines from the United States, as shown by remarks made by the central bank governor on Monday just three days before the next meeting.
Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla told reporters that the central bank could pause its interest rate hikes this week, after inflation in April eased again.
The Philippine peso on Monday slipped to its lowest against the dollar in almost a month.
