Asian stocks today: Nikkei sheds 480 points, Markets mostly remain shut for Lunar New Year Holiday

Asian stocks traded in red on Tuesday as trading activity across the region remained closed for Lunar New Year break. Japan’s Nikkei tanked 427 points or 0.75% to 56,368 at 10:55 am IST. China and Hong Kong, meanwhile, remained shut.The fall comes after the release of weak economic data on Monday, which appeared to dampen sentiment among investors in Tokyo. A steep 6.2% drop in shares of SoftBank Group further weighed on the index.The pullback comes after a strong rally that had pushed Japanese equities to record highs. That surge followed a decisive victory for PM Sanae Takaichi’s ruling party in the February 8 general election. However, traders were seen booking profits after recent gains, while opinion polls suggested Takaichi’s popularity has been gradually slipping as expectations surrounding her plans to raise government spending and cut taxes begin to ease.In Europe, markets ended Monday on a mixed note. Trading in the United States was closed for Presidents Day, with Wall Street set to reopen on Tuesday.Market movements have continued to reflect shifting confidence over large-scale investments in artificial intelligence. At the same time, investors remain attentive to inflation data and its potential impact on interest rate decisions.In early commodity trading on Tuesday, benchmark US crude rose by 65 cents to $63.54 a barrel. Brent crude declined by 29 cents to $68.36 a barrel.Currency markets saw the US dollar ease to 153.17 Japanese yen from 153.51 yen. The euro also weakened slightly, trading at $1.1841 compared with $1.1852 previously. Gold prices fell 1.4%, while silver dropped 3.4%. Bitcoin was down 0.6% at around $68,500.