Asian stocks closed in negative territory as we head out into the week, this was due to poor data coming out of China, as its manufacturing PMI comes in lower than expected. he Nikkei finished the session -0.66% closing at 17,558, the broader Topix index -0.45% (1,408), the KOSPI closed +0.18% while Taiwan advanced +0.27%.
Last week major US stock indices closed on Friday lower, with the Dow Jones losing -1.5%, the S&P 500 -1.3% and the Nasdaq Composite 1%. During the month of January, the Dow Jones lost -3.7%, the S&P 500 -3.1% and the Nasdaq Composite -2.1%. Disappointing data on Friday affected the indices, as US GDP grew in the fourth quarter of 2014 but less than expected: Actual +2.6% expected +3.0% previous +5.0%. Further concerns came from the Eurozone as deflation accelerated. The new Minister of Finance Greek, Yanis Varoufakis, was caught on tape saying he did not want to work with the Troika. Investors started reducing their exposure to risk and moved towards Gold which moved higher +1.9%.

European stocks ended last week’s session lower with FTSE -0.9%, DAX -0.4%, CAC40 -0.6%, IBEX35 -1% and SMI -0.6%. The markets weakened following the US GDP fourth quarter results of 2014 that came in less than expected and the new Greek Finance minister’s comments not wanting to work with Troika.

In currencies Eurodollar gained ground from Friday’s pair trading 1,1340 against Friday’s close of 1,1286.

Crude oil prices move higher on Friday’s session as the indication of a drop in refinery count comes down, and refinery strikes in the US. Currently Brent crude is trading $54/bbl reacting to the news