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HONG KONG: Risk-averse investors stayed mostly on the sidelines in Asian markets Monday, with trading mixed ahead of meetings this week by eurozone finance ministers and the US and Japanese central banks.
Markets also eyed a raft of data due from the United States this week, with fresh industrial production, inflation and unemployment figures set to provide further clues as to the pace of recovery in the world's largest economy.
Tokyo gave up early gains to edge 0.17 per cent lower, while Hong Kong drifted 1.04 per cent in morning trade. Sydney added 0.15 per cent and Singapore was 0.49 per cent higher.
"Investors are cautious before the Fed's policy meeting scheduled this week," Lee Sun-Yup at Shinhan Investment Corporation in Seoul told Dow Jones Newswires.
The Federal Reserve's policy-setting Federal Open Market Committee (FOMC) will meet on Tuesday.
The Fed's decision last month to hike the interest rate it charges banks for emergency loans stunned the markets, but many investors believe there will be no policy change at the upcoming meeting, analysts said.
Lee added that sentiment had been helped by easing concerns over debt-strapped Greece.
A reassurance from Chinese Premier Wen Jiabao over the weekend that China was not yet ready to withdraw massive stimulus measures put in place in late 2008 to bolster the world's third-largest economy also lifted the mood.
He also warned Beijing would not bow to foreign pressure to boost the value of its currency.
"We will maintain the continuity and stability of our macroeconomic policies," he said, adding that as circumstances changed, Beijing would make its policies "more flexible".
However, lingering concerns Beijing will take steps to cool inflation after reporting last week that consumer prices accelerated 2.7 per cent year-on-year last month led Shanghai shares 0.84 per cent lower.
The Tokyo market saw early gains before profit taking set in, with exporters higher on the back of a weaker yen and on expectations for further easing measures by the Bank of Japan when it concludes a two-day policy meeting.
The Japanese central bank is to meet for two days from Tuesday and policymakers are widely expected to discuss further monetary easing to fight deflation, with falling consumer prices still burdening the fragile economy.
The dollar edged up against other major currencies in Asia ahead of this week's policy meetings, while the euro benefited from speculation that Europe is mustering support for ailing eurozone member Greece.
The greenback rose to 90.72 yen in Tokyo morning trade from 90.52 yen in New York late Friday.
The euro was changing hands at US$1.3749, down from US$1.3761 in New York late Friday, but holding steady at 124.76 yen.
Oil was lower. New York's main contract, light sweet crude for April delivery, fell 43 US cents to US$80.81 a barrel and Brent North Sea crude for April delivery declined by the same amount to US$78.96 a barrel.
Hong Kong gold opened lower on Monday at US$1,103.00-US$1,104.00 an ounce, down from Friday's close of US$1,112.00-US$1,113.00.
- AFP/sc
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