BANGKOK -- Shares were mostly lower in Asia on Monday while U.S.futures advanced after Wall Street’s lackluster finish to last week.
Tokyo’s Nikkei 225 fell 0.3% to 50,226.67 after the government reported that the Japanese economy contracted at a 1.8% annual pace in the July-September quarter.The dollar rose against the Japanese yen, climbing to 154.65 yen from 154.58 yen.
Chinese markets also slipped, as Hong Kong's Hang Seng shed 0.8% to 26,359.22.The Shanghai Composite index declined 0.4% to 3,973.31.
Geopolitical tensions have also hurt sentiment in East Asia, as relations between China and Japan have deteriorated due to a spat following Prime Minister Sanae Takaichi's suggestion that a Chinese move against self-governing Taiwan could prompt a Japanese military response.China objects to other countries' involvement in Taiwan, which Beijing claims it as its own and destined to come under its control.
The Chinese government has warned its citizens not to travel to Japan or study there.“China’s escalation against Japan over Prime Minister Takaichi’s Taiwan remarks has moved from a diplomatic irritant to a consequential macro input, with markets now forced to reprice Asia’s near-term risk curve,” Stephen Innes of SPI Asset Management said in a commentary.In South Korea, the Kospi gained 1.7% to 4,078.39 on buying of tech-related shares.
Computer chip makers have rallied after they formed plans with industry leader Nvidia to cooperate in developing artificial intelligence, with SK Hynix surging 6.8% on Monday and Samsung Electronics up 3.3%.Australia's S&P/ASX 200 slipped less than 0.1% to 8,628.60.In Taiwan, the Taiex picked up 0.4%, while India's Sensex gained 0.3%.The future for the S&P 500 was up 0.5% while that for the Dow Jones Industrial Average edged 0.1% higher.
On Friday, the S&P 500 meandered as Nvidia, bitcoin, gold and other high flyers swung sharply before calming.It ended down less than 0.1% at 6,734.11.
The Dow fell 0....