sydney jan 17 reuters  asian share markets got off to a cautious start on monday as the us earnings season loomed large and a slew of chinese economic data were expected to show the deadening effect of coronavirus restrictions on activity a holiday in the united states made for thin trading but that did not stop brent crude from extending its bull run toward last years peak of 8670 a barrel mscis broadest index of asiapacific shares outside japan miapj0000pus was little changed while japans nikkei n225 bounced 08 after losing 12 last week the main feature of the market recently has been a rotation into value stocks and away from growth particularly technology the sp 500 information technology sector splrct which accounts for nearly 29 of the index has shed 55 this year with valuations still high earnings will have to be strong to stop further losses overall sp 500 earnings are expected to climb 231 this season according to refinitiv ibes while the tech sector is seen up by 156 the market will be spared speeches from federal reserve officials this week ahead of their jan 2526 policy meeting but there has been more than enough hawkish comments to see the market almost fully price in a first rate hike for march there was also talk the fed will start trimming its balance sheet earlier than previously thought draining some of the excess liquidity from world markets yields on cash 10year treasuries climbed to their highest in a year at 18 while futures implied yield of 183 early on monday  the implications of quantitative tightening continue to occupy markets as an earlier fed balance sheet runoff looms noted analysts at barclays meanwhile new covid lockdowns in china could reaggravate global supply bottlenecks while in both europe and the us the nearterm growth outlook is now weaker and the 2022 inflation profiles higher data out of china due on monday are expected to show retail sales and industrial output slowed further in december the economy is forecast to have grown 11 in the fourth quarter though the annual pace is seen slowing to 36 from 49 a bank of japan boj policy meeting this week will bear watching given talk it will revise up its outlook for growth and inflation while sources told reuters policy makers were debating how soon they could start telegraphing an eventual interest rate hike while a move is unlikely this year financial markets may be underestimating its readiness to gradually phase out its onceradical stimulus programme read more this was one reason the yen has rallied with the dollar slipping 12 last week to last stand at 11429 but still well above major chart support at 11252 the euro also gained 05 last week as the dollar eased broadly and was last changing hands at 11408  the dollar index was a shade firmer at 95231  after touching a 10week trough at 94626 on friday we continue to think that the greenback will strengthen again before long as we expect strong cyclical price pressures in the us to mean the fed tightens by more and for longer than investors currently discount argued joseph marlow an economist at capital economics they see fed rates topping 25 while the market has priced in a peak around 17520  the risk of higher rates kept nonyielding gold restrained at 1817 an ounce  while industrial and energy resources have benefited from resilient demand and limited supplies oil prices have climbed for four weeks straight and such is demand that physical barrels of oil are changing hands at near record high premiums early monday brent had added another 51 cents to 8657 a barrel and was approaching the 2021 top of 8670 and the 2018 peak at 8674 a break there would take it to heights last visited in 2014 us crude also firmed 75 cents to 8457 per barrel