Futures pointed to a lower open for Asian markets on Monday, as investors await further details from President Donald Trump on his economic policies, including tax reforms.
Australia’s SPI futures traded at 5,760, a touch lower than the ASX 200‘s previous close at 5,805.81. Nikkei futures in Chicago traded at 19,150 and Osaka futures were at 19,140, pointing to a lower open for the Nikkei Stock Average, which finished at 19,234.62 in the Friday session.
“President Trump promised a ‘phenomenal’ tax announcement in 2-3 weeks, so as the clock ticks down to some form of announcement, market inertia is set to reign,” said Ray Attrill, global co-head of foreign exchange strategy at the National Australia Bank, in a note.
Attrill explained that was the impression markets conveyed on Friday, but also acknowledged the absence of market-moving data. “U.S. equities recouped early session losses to end Friday slightly in the black and the U.S. dollar tracked equities higher despite a fall in U.S. yields.”
U.S. markets are closed on Monday for a public holiday.
