Employees at SERES Automobile Co., Ltd’s intelligent factory in Chongqing, China, were active on the assembly line on July 19, 2022, as reported by Visual China Group and Getty Images. On Wednesday, Asia-Pacific markets displayed mixed reactions after Wall Street experienced gains with the S&P 500 and Dow Jones Industrial Average reaching record intraday and closing highs. Despite Beijing’s recent stimulus efforts, China’s industrial profits fell by 10% in October compared to the previous year, indicating ongoing challenges for corporate earnings.
In Australia, traders noted the inflation rate, with the monthly consumer price index rising by 2.1% in October year-on-year. This figure fell short of the 2.3% forecasted by economists and mirrored September’s increase, representing a notable decrease from the figure in September 2023, which was 5.6%.
Asian stock markets showed varied movements: Hong Kong’s Hang Seng index gained 0.3%, mainland China’s CSI 300 climbed 0.9%, and Australia’s S&P/ASX 200 increased by 0.6%. Conversely, Japan’s Nikkei 225 declined by 0.7%, and the Topix dropped by 0.8%. South Korea’s Kospi index decreased by 0.2%, while the Kosdaq remained stable.
In the U.S., the Dow climbed by 123.74 points, reaching a record 44,860.31, along with the S&P 500 rising 0.57% to a record 6,021.63, and the Nasdaq Composite advancing 0.63% to 19,174.30. The robust market performance followed President-elect Donald Trump’s proposal for a 25% tariff on products from Mexico and Canada and an additional 10% levy on Chinese goods. Trump has also suggested imposing a tariff of up to 20% on all imports, with at least a 60% duty on Chinese goods. Despite these announcements, market analysts noted to CNBC that traders seemed to dismiss Trump’s tariff proposals, anticipating they might not materialize or have already been accounted for in market pricing.
Original Story https://www.cnbc.com/2024/11/27/asia-pacific-markets-live-updates-australia-inflation.html
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