Nikada
Asia-Pacific stocks were mixed on Monday in thin holiday trading as market participants digested worse-than-expected Chinese economic data as domestic demand remained weak and external pressures mounted.
Japan (NKY:IND) market closed. The Japanese Yen rose to around 140.5 yen on Monday, This is the highest level since July 2023 amid widening divergence in monetary policy between Japan and the United States.
China (SHCOMP) markets closed with the offshore yuan weakening to around 7.10 per dollar, pressured by weaker-than-expected Chinese economic data.
Chinese data released on Saturday showed industrial production, retail trade and fixed investment all slowed more than expected, and the unemployment rate rose slightly last month.
In the first eight months of 2024, foreign direct investment in China fell 31.5% year-on-year to RMB580.19 billion (US$81.8 billion), a much larger drop than the 29.6% decline in the first seven months of 2024.
Moreover, new home prices across 70 Chinese cities fell 5.3% year-on-year in August 2024, following a 4.9% drop in the previous month.
Attention has now shifted to the People’s Bank of China’s upcoming decisions on key lending rates, including the one-year prime rate and the five-year rate, due to be announced on Friday.
Hong Kong (HSI) -0.35% The stock fell early in trading on Monday, ending gains from the previous two days.
India (SENSEX) +0.26%Total passenger vehicle sales in India fell 1.6% year-on-year to 3,08,779 units in August 2024, following a 1.9% decline in the previous month, according to data from automakers.
Australia (AS51) +0.35% Gold stocks led the gains on Monday on the back of rising gold prices.
In the United States, all three major stock indexes ended higher on Friday as expectations grew that the Federal Reserve would begin a series of interest rate cuts later this week.
U.S. stock futures were steady on Monday as investors prepared for the Federal Reserve’s much-anticipated policy decision this week. +0.06%; S&P 500 +0.04%The Nasdaq was flat.
Future plans: Attention will be focused on the FOMC interest rate decision and latest economic outlook summary, as well as interest rate decisions from the Bank of Japan, Bank of England and People’s Bank of China’s LPR. Inflation data from the UK, Canada and Japan, US and UK retail sales reports, Australian employment and New Zealand GDP are also due to be released.
currency: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
More about Asia:
China’s August retail sales fall short of expectations, industrial production below expectations
As China stumbles, these consumer goods companies are bucking the trend
China’s trade surplus widens in August as exports grow fastest since March 2023 and imports weaken below expectations
China CPI inflation rises but falls short of expectations; PPI continues to fall
Japan’s second-quarter GDP revised down, growth weakens
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