Asian stocks traded within a narrow range on Monday as many major markets in the region were closed for the Chinese New Year.
**Australian** market saw a decline of 0.2%
Losses in pharmaceutical giant **CSL Ltd** as its phase 3 trial for a heart attack drug failed to meet its primary efficacy endpoint.
However, **ANZ Group Holdings** and **JB Hi-Fi Ltd** recorded strong earnings for the three and six months ending December 31, respectively.
**JB Hi-Fi** experienced a nearly 7% surge in its half-year profit, beating expectations.
Futures for **India’s index** hinted at a flat opening ahead of key data releases.
The Reserve Bank of India recently warned of potential inflation risks and indicated a hawkish stance.
Market sentiment in the United States will be influenced by the release of key **inflation data** on Tuesday which is expected to have eased slightly in January but remain above the Federal Reserve’s 2% target.
Several **Federal Reserve officials** are scheduled to deliver speeches this week, providing further insight into the central bank’s monetary policy outlook.
Most Asian markets have started the year on a sluggish note, except for the **Japanese stock market** which rose 0.2% on Monday.
Overall, Asian markets are awaiting key data releases and speeches from central bank officials to gauge future market trends and the trajectory of monetary policy.
Analyst comment
The news is a mix of positive and neutral. The decline in the Australian market due to CSL Ltd’s failed drug trial is negative, but the strong earnings reported by ANZ Group Holdings and JB Hi-Fi Ltd are positive. The overall sentiment in Asian markets is sluggish, except for Japanese shares which are buoyed by expectations of a dovish stance from the Bank of Japan. The market will be influenced by key economic data releases and speeches from central bank officials.
