Most Asian stocks fell on Monday after a surprise jump in U.S. nonfarm payrolls saw markets rethink expectations for early interest rate cuts, with focus now turning to a string of key inflation readings this week.
Oil prices fell by more than 1% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tension in the Middle East.
The dollar was steady on Monday ahead of a key U.S. inflation report later in the week for further clarity on the Federal Reserve's monetary policy outlook, after markets got off to a hesitant start to the year as rate cut bets were pared.
Britain's economy ended 2023 on a stronger footing than previously thought, according to a survey of businesses, amid other signs that the Bank of England's high interest rate campaign might not trigger a recession.
The contraction in euro zone business activity continued at the end of 2023 due to a persistent downturn in the dominant services industry, a survey showed on Thursday, indicating the bloc's economy was in recession.
Japan's December service activity expanded at a faster pace from the previous month thanks to strong demand and a lift in confidence even though the overall growth rate was modest, a business survey showed on Friday.