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Oil prices fell on the morning of the Asian session, with international benchmark Brent crude futures falling 2.79% to $117.28 a barrel. US crude futures were down 3.07% to $110.40 a barrel.
China tech watch
Investors watched Meituan shares and other Chinese tech stocks in Hong Kong.
In Monday morning trading, shares of Meituan are up more than 5%, while Tencent is up 0.79%.
Meituan on Friday reported better-than-expected sales for the final three months of 2021. The company’s fourth-quarter sales came in at 49.52 billion yuan ($7.78 billion), ahead of the previous year, according to the data average analyst expectations for a print of 49.2 billion yuan from Refinitiv Eikon.
However, other Chinese tech stocks slid, with Baidu shedding 0.63% while JD.com fell 5.59%. The Hang Seng Tech Index traded 0.21% lower.
“Even if you look now where we’re seeing very clear and strong declines so that valuations are now at much more reasonable levels, I think it’s still quite difficult for investors…to really have the courage to go back to those levels.” to get in,” Mark Konyn, group chief investment officer at AIA, told CNBC’s Squawk Box Asia on Monday.
currencies
The US Dollar Index, which tracks the greenback against a basket of its peers, came in at 99.062 after rising from below 98.7 recently.
The Japanese yen traded at 112.82 per dollar, weaker than the sub-120 levels seen against the greenback last week. The Australian dollar was at $0.75 after rising from below $0.74 last week.