Asian markets saw a mixed performance on Monday, January 31, 2023, ahead of the Federal Reserve meeting.

China stocks made a strong showing, returning from the Lunar New Year break and closing near bull market highs. The Shanghai Composite and Shenzhen Component both rose 0.2%.

Elsewhere in the region, however, the picture was less rosy. Asian-Pacific shares traded mostly lower, with the Hang Seng dropping over 2%. This was largely due to a tumble in Alibaba shares after reports of a headquarter shift.

The Nikkei 225 was down 0.4%, while the Kospi edged up 0.1%.

Meanwhile, in the U.S., the Dow, S&P 500 and Nasdaq were all set to extend their monthly gains ahead of the Fed meeting.