SYDNEY : Asian share markets got off to a cautious start on Monday as the U.S. earnings season loomed large and a slew of Chinese economic data were expected to show the deadening effect of coronavirus restrictions on activity.
With valuations still high, earnings will have to be strong to stop further losses. Overall S&P 500 earnings are expected to climb 23.1per cent this season, according to Refinitiv IBES, while the tech sector is seen up by 15.6per cent.The market will be spared speeches from Federal Reserve officials this week ahead of their Jan. 25-26 policy meeting, but there has been more than enough hawkish comments to see the market almost fully price in a first rate hike for March.
"The implications of quantitative tightening continue to occupy markets as an earlier Fed balance sheet runoff looms," noted analysts at Barclays. While a move is unlikely this year, financial markets may be under-estimating its readiness to gradually phase out its once-radical stimulus programme. "We continue to think that the greenback will strengthen again before long, as we expect strong cyclical price pressures in the U.S. to mean the Fed tightens by more and for longer than investors currently discount," argued Joseph Marlow, an economist at Capital Economics.
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