The MSCI Asia Pacific Index fell 0.1% to 136 as of 9:16 a.m. in Tokyo. Japan's Nikkei 225 Stock Average declined 0.5%. Australia's S&P/ASX 200 Index was little changed and New Zealand's NZX 50 Index climbed 0.2%. South Korea's Kospi index lost 0.2%. China's Shanghai Composite Index was up 0.06% at 3,052, while Hong Kong's Hang Seng Index was trading 0.02% down at 23,887.
In corporate news, BHP Billiton lost 0.7% after China raised banks' reserve ratios a half point to cool inflation. Woolworths rose 0.4% after it said third-quarter sales rose 5.1%. KDDI shed 0.7% after reports that Tokyo Electric Power plans to sell shares in the company. Softbank declined 2.8% after Goldman Sachs slashed its investment rating on the shares.
In the US and Europe, equities may face a bumpy ride this week if more key companies undershoot expectations. Top technology and financial companies scheduled to unveil their results include Yahoo, Intel, IBM, Texas Instruments, Goldman Sachs, and Citigroup. Investors will also focus on how much tech companies may have been affected by the disaster in Japan.
Several oil services companies, including Halliburton and Schlumberger, are also set to report their earnings this week. Market watchers will also concentrate on the outlook for monetary policy in the UK and insight into the US housing market. Bank of England will release the minutes of its monetary policy committee meeting in April on Wednesday.
Meanwhile, UK retail sales figures due on Thursday are likely to offer further evidence that March was a bleak month on the high street, showing a 0.5% drop month-on-month, taking first-quarter overall sales up just 0.2%. In the US, a series of housing statistics will dominate the agenda, with February home prices data due on Thursday, housing starts on Tuesday and existing home sales on Wednesday.
Source: Citywire
