A heavy visitors jam with many automobiles on the street in Chaoyang district in Beijing, China.
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Asia-Pacific markets kick-started a data-heavy week largely greater, with traders awaiting financial readings from a number of international locations, together with Japan, South Korea and China.
Over the weekend, China launched its official purchasing managers’ index reading for November. Manufacturing PMI got here in at 50.3 — its highest degree since April — beating the 50.2 anticipated by economists polled by Reuters. Manufacturing PMI got here in at 50.1 in October.
China’s non-manufacturing PMI slipped to 50.0 from 50.2 within the earlier month, whereas composite PMI held regular at 50.8.
A studying greater than 50 reveals growth in exercise, whereas beneath that reveals contraction.
On Monday, manufacturing PMI readings from S&P International will likely be launched for economies all through Asia, together with the Caixin PMI survey for China.
Australia will announce retail gross sales for the fourth quarter, whereas Indonesia will disclose its inflation numbers for November later within the day.
South Korea’s Kospi rose 0.51%, and the small-cap Kosdaq superior 0.36%. Over the weekend, South Korea’s preliminary commerce information revealed exports grew at their slowest tempo since September 2023.
Exports grew 1.4% year-on-year in November, lacking expectations of a 2.8% development from economists polled by Reuters and a pointy decline from the 4.6% rise in October.
Australia’s S&P/ASX 200 began the day up 0.23%.
Japan’s benchmark Nikkei 225 was the one outlier in Asia, falling 0.49%, whereas the broad-based Topix was 0.24% greater.
Futures for Hong Kong’s Hang Seng index stood at 19,642, pointing to a stronger open in comparison with the HSI’s shut of 19,423.61.
On Friday within the U.S., the Dow Jones Industrial Average and S&P 500 rose to new heights and recorded their finest months of 2024 amid a shortened buying and selling day.
The S&P 500 added 0.56%, whereas the Nasdaq Composite jumped 0.83%. The Dow climbed 188.59 factors, or 0.42%. Each the Dow and S&P 500 notched new intraday and shutting highs.
A number of the upward momentum got here from chip shares, which popped after Bloomberg reported that the Biden administration was contemplating extra obstacles to the sale of semiconductor tools to China that weren’t as strong as beforehand anticipated. Lam Research rallied greater than 3%, whereas Nvidia jumped greater than 2%.
— CNBC’s Alex Harring contributed to this report.
