Traffic congestion persisted in Beijing’s Chaoyang district, as Asia-Pacific markets showed modest gains on Monday, heralding a data-intensive week. Investors focused on economic updates from several countries, notably Japan, South Korea, and China. Over the weekend, China revealed that its official manufacturing PMI rose to 50.3 in November, surpassing economists’ expectations and marking the highest since April. Conversely, the non-manufacturing PMI edged down to 50.0. In response, Asia anticipated the manufacturing PMI figures from S&P Global.
Australia announced a notable rise in October retail sales, which climbed 3.4% year-over-year, while Indonesia geared up to release its November inflation data. South Korea’s markets saw a mixed response: the Kospi neared the flatline, while the Kosdaq gained 0.13%. South Korea’s export growth slowed significantly in November, merely increasing 1.4% annually—falling short of expectations.
Japan’s Nikkei 225 saw a minor increase, and the Topix rose 0.68%. Meanwhile, Hong Kong’s Hang Seng index went up by 0.21%, with mainland China’s CSI 300 advancing by 0.26%. Growth in China’s new home prices bolstered the Hang Seng Mainland Properties Index by 0.5%. Australia’s S&P/ASX 200 rose 0.16%.
In the U.S., the Dow Jones Industrial Average and S&P 500 reached new records on Friday, concluding their best month in 2024. Gains were partly fueled by a rebound in chip stocks, following Bloomberg’s report of the Biden administration’s mitigated stance on restricting semiconductor sales to China. Lam Research surged over 3% and Nvidia increased over 2%.
Overall, as trade began anew, global investors interpreted the latest data as signals of economic resilience or slowdown, navigating through a volatile market atmosphere.
Original Story https://www.cnbc.com/2024/12/02/asia-markets.html
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