SYDNEY- Asian shares made a sluggish start on Monday to a week packed with major US and Chinese economic data and the launch of Apple’s latest iPhones, while the Nikkei was tantalizingly near heights last visited in 1990.
Japanese shares have been on a tear as hopes for fresh stimulus from a new Prime Minister saw the Nikkei surge 4.3 percent last week. The Topix has already scaled that peak, but the Nikkei dipped 0.3 percent ahead of the resistance barrier.
Reports US Democrats were considering proposals to raise taxes on corporations and the wealthy, while not exactly new, could make for a cautious mood.
Adding to concerns about Beijing’s regulatory crackdown was an FT report it aimed to break up Alipay, the hugely popular payments app owned by Jack Ma’s Ant Group.
China releases a swath of data on retail sales, industrial output and urban investment on Wednesday that analysts fear will show a further slowdown in the world’s second biggest economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.7 percent, after bouncing on Friday. Chinese blue chips were off 0.3 percent.
Both Nasdaq futures and S&P 500 futures were up 0.1 percent, after running into profit taking last week.
Wall Street suffered its worst run since February as doubts about the resilience of the global economic recovery hurt former reopening darlings in energy, hotels and travel.
Apple will be a focus after sliding on Friday following an unfavorable court ruling related to its app store, just days before it unveils the new iPhone line up.
Also highlighting are readings on US consumer prices on Tuesday, which is expected to see core inflation ease a touch to 4.2 percent, while retail sales on Thursday could show another decline as the spread of the Delta variant spooks shoppers.
