Asian shares mostly followed Wall Street futures into the red on Monday as chaotic trading in precious metals made for a nervous start to a week that is packed with corporate earnings, central bank meetings and major economic data.

In Hong Kong, the benchmark Hang Seng Index opened 289 points, or 1.1 percent, lower at 27,097. The China enterprises index was 125 points, or 1.3 percent, lower at 9,191 while the tech index was 73 points, or 1.3 percent, lower at 5,644.

On the mainland, the benchmark Shanghai Composite Index opened 38 points, or 0.93 percent, down at 4,079 while the Shenzhen Component Index was 77 points, or or 0.54 percent, down 14,128.

In Tokyo, the 225-issue Nikkei Stock Average opened up 252 points, or 0.47 percent, at 53,575 as opinion polls suggested Prime Minister Sanae Takaichi's Liberal Democratic Party was likely ‍to score a landslide victory in next week's lower house election.

Such a victory would likely make it easier to push through aggressive stimulus policies, and ease ⁠political uncertainty. More debt-funded spending could pressure bonds and the yen, with Takaichi talking up the benefits of a weaker currency for exports.

The Korea Composite Stock Price Index in Seoul was 101 points, or 1.95 percent, down at 5,122.

Silver lost another 5 percent at one stage as Friday's 30 percent plunge squeezed leveraged positions in what had become a very crowded trade. Dealers also said pressure on the UBS SDIC silver futures fund in China added to the rout.

Oil prices fell around 3 percent as US President Donald Trump said over the weekend Iran was "seriously talking" with Washington, perhaps lessening the risk of a military strike on the country.

The market focus will also be on tech majors Alphabet, Amazon and AMD, particularly costs and benefits of AI in the wake of Microsoft's badly received results.

Analysts at Goldman ‌Sachs noted consensus estimates for AI hyperscaler capital expenditure this year had climbed to US$561 billion, up 38 percent on 2025 and compared to US$540 billion expected at the start of earnings season.

In currencies, the US dollar looked a little steadier following a rally, initially triggered by ‌Trump's choice of ‌former Federal Reserve governor Kevin Warsh to become the next chair of the central bank.

Analysts assumed Warsh was less likely to press for all-out rapid rate cuts than some other possible choices, though he has sounded more dovish than current chair Jerome Powell.

"Trump is most unlikely to have nominated Warsh if he was not genuinely supportive of lower interest rates, and for which there is plenty of evidence Warsh believes that the ⁠economy can achieve higher rates of non-inflationary growth," said Ray Attrill, head of FX strategy at NAB.

Which was why market pricing remained at two rate cuts for this year, with a move seen unlikely until June when, presumably, Warsh will be chair. Futures imply a 68 percent chance of a steady outcome at the April meeting and, oddly, 68 percent for an easing in June.

That outlook may change should the January payrolls report on Friday surprise significantly in either direction, assuming the government is open and it is actually released.

Also on the menu this week ‌are policy meetings by the Reserve Bank of Australia, European Central Bank and Bank of England. (Reuters/Xinhua)