Asia-Pacific markets opened December mixed Monday as traders parsed fresh manufacturing data from China and rising expectations of a U.S. Federal Reserve rate cut this month.
Traders are pricing in an 87.4% chance of a quarter-point rate cut for the upcoming Fed meeting on Dec. 10, according to the CME FedWatch Tool.Hong kong’s Hang Seng Index added 0.81%, while the mainland CSI 300 was up 0.75%.
China’s factory activity unexpectedly contracted in November, according to a private survey released Monday as soft domestic demand continued to cast a pall over the world’s second-largest economy.
The RatingDog China General Manufacturing PMI, conducted by S&P Global, dropped to 49.9 in November, missing analysts’ expectations of 50.5 in a Reuters poll. A reading above the 50 benchmark level suggests an expansion, while one below that indicates contraction.
The gauge follows official data released Sunday showing China’s factory activity improving slightly to 49.2 in November, but remained in contraction for the eighth consecutive month. Services weakened as the lift from earlier holidays faded.
Hong Kong-listed firms with exposure to digital assets plunged after the People’s Bank of China warned of illegal activities tied to digital currencies and the resurgence of speculation,according to a statement released by the central bank Saturday.
Stocks of Jack fell sharply.
Aerial view of vehicles being driven on the road through the central business district on October 5,2020 in Beijing,China.
Zhang Qiao | Visual China Group | Getty Images
Asia-Pacific Markets Mixed as US Futures Show Limited Movement
Table of Contents
Asia-Pacific markets displayed a mixed performance on Monday, following a positive week for U.S. equities. U.S. equity futures were little changed in early Asian trading hours. Wall Street returned from the Thanksgiving holiday on Friday for a shortened session, posting gains across major indexes.
Regional Market Performance
Here’s a breakdown of how key markets performed:
* Japan: The Nikkei 225 declined 4.74% today.
* South Korea: The Kospi index rose 0.11%, while the Kosdaq advanced 1.46%.
* Australia: The ASX/S&P 200 fell 0.45%.
* India: The Nifty 50 added 0.33%, and the sensex index was 0.38% higher.
U.S. Market Recap
U.S. stocks closed higher on Friday, extending a winning streak. Here’s a look at the major indexes:
* Nasdaq Composite: Increased 0.65% to close at 23,365.69, marking its fifth consecutive day of gains. https://www.cnbc.com/quotes/.IXIC/
* S&P 500: Gained 0.54% to settle at 6,849.09. https://www.cnbc.com/quotes/.SPX/
* Dow Jones industrial Average: Rose 289.30 points, or 0.61%, finishing at 47,716.42. https://www.cnbc.com/quotes/.DJI/
Looking Ahead
The market will be closely watching upcoming economic data releases and Federal Reserve commentary for further direction. Investors will also be monitoring geopolitical developments and their potential impact on global markets.
Disclaimer: I am an AI chatbot and cannot provide financial advice. This information is for general knowledge and informational purposes only, and does not constitute investment advice.