From Nasdaq:

Asian shares were up on Monday, boosted by a rally in chip stocks after Taiwan Semiconductor Manufacturing upgraded its profit outlook on high-end chips used in AI applications, sending the Nikkei to a fresh 34-year peak. On Monday, the Nikkei climbed another 0.8% and was up 8.3% so far in January.

Chipmakers, including Nvidia, and Advanced Micro Devices benefited from the AI-driven rally, and market focus will be on results from major corporations including Tesla, Netflix, Lockheed Martin, and others.

S&P 500 futures edged up 0.1% while Nasdaq futures added 0.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3%, after taking losses last week.

Central bank meetings, major economic data, and corporate earnings are expected to have a significant market impact this week, with the European Central Bank (ECB), and central banks in Canada and Norway set to reveal their policy plans within the week.

The European Central Bank (ECB) meets on Thursday, and the market expects them to hold steady, given recent hawkish commentary from top officials. Market futures have already indicated a 40 basis points of easing is expected by June, with a first cut in May at a 76% chance. Central banks in Canada and Norway also meet this week and no change to rates is expected.

Hawkish talk from the Federal Reserve could delay a March cut. The probability of a March cut from the Federal Reserve has been scaled back to 49%, from around 75% a couple of weeks ago. A first easing of 25 basis points in May is more than fully priced. Fed officials are in blackout this week ahead of the next meeting on Jan. 30-31.

The shift in data left non-yielding gold looking unattractive, while in the oil market, worries about global demand has so far offset the threat to supply from tensions in the Middle East, with Brent off 23 cents at $78.33 a barrel and U.S. crude for January eased 9 cents to $73.16 per barrel.



Read more: GLOBAL MARKETS-Japan leads Asia stocks higher, central banks loom