Asian stock markets opened cautiously at the start of the week, with the MSCI Asia Pacific index rising slightly by 0.2%. The Kospi led the gains, while Japan's Nikkei index fell 0.5% after data showed the Japanese economy contracted again. Japanese retail and tourism stocks also weakened due to escalating tensions with China. US stock futures rose 0.3%, providing some positive sentiment.

Investors are now awaiting a slew of US economic data, which returns after a long pause due to the shutdown, including the jobs report. At the same time, risk appetite appears to be weakening as AI stock valuations are increasingly high and Bitcoin has nearly erased its entire year-to-date gain. Analysts warn that November will be a volatile month due to high tech valuations, the risk of US tariffs, and a weakening US labor market.

Market attention is also focused on Nvidia's earnings report this week, which will be a key test for the AI ​​stock rally. Nvidia shares have surged 42% this year, outperforming the S&P 500 and Nasdaq 100. Meanwhile, expectations of a Fed interest rate cut have diminished after many central bank officials expressed skepticism about the possibility of a December rate cut, leading to a market recalculation.

In commodity markets, oil weakened at the start of the week, while gold edged up to $4,100/oz after a more than 2% correction earlier. Gold continues to benefit from market volatility and global economic concerns. Meanwhile, the crypto market has been in the spotlight after Bitcoin erased more than 30% of its early-year gains, falling sharply from its record high as the euphoria surrounding the Trump administration's pro-crypto policies faded. (asd)

Source: Bloomberg.com