Asia-Pacific markets traded mostly higher on Monday as investors focused on a data-heavy week ahead, with key economic readings from Japan, South Korea, China, and other countries set to shape market sentiment, CNBC reports.
In China, the official purchasing managers’ index (PMI) for November showed positive results, with the manufacturing PMI rising to 50.3, its highest level since April, surpassing the 50.2 expected by analysts. A reading above 50 signals expansion, while below 50 indicates contraction. China’s non-manufacturing PMI slightly declined to 50.0 from 50.2 in October, and the composite PMI held steady at 50.8.
This week, manufacturing PMI reports from S&P Global will be released for various Asian economies, including the Caixin PMI survey for China, providing further insights into regional economic performance.
Australia’s retail sales showed a solid performance in October, rising 3.4% year-on-year, marking the fastest growth since May 2023. The strong retail data contributed to positive sentiment in Australian markets, with the S&P/ASX 200 closing up by 0.14% at a record high of 8,447.9 points.
In contrast, South Korea’s markets faced some pressure, with the Kospi index falling by 0.06% to 2,454.48. The decline came after preliminary trade data revealed that exports in November grew at their slowest pace since September 2023, with a 1.4% year-on-year rise, falling short of economists’ expectations of 2.8%.
Japan’s stock market saw gains, with the Nikkei 225 rising 0.8% to close at 38,513.02, while the Topix index advanced by 1.27% to 2,714.72. In Hong Kong, the Hang Seng index gained 0.65%, and mainland China’s CSI 300 climbed 0.79% to close at 3,947.63. Growth in China’s new home prices accelerated in November, helping boost property stocks in Hong Kong.
Elsewhere in the region, Indonesia is set to release inflation data for November later in the day, adding to the growing list of economic reports being closely watched by investors.
On Friday, US markets also performed well, with the Dow Jones Industrial Average and the S&P 500 reaching new record highs. The S&P 500 gained 0.56%, the Nasdaq Composite rose 0.83%, and the Dow added 188.59 points, or 0.42%. Some of the gains in the US came from semiconductor stocks, which surged following reports that the Biden administration might ease certain restrictions on semiconductor equipment sales to China.
