Asia-Pacific stocks mixed as first trading day of the new year kicks off
Nikada
Japan (NKY:IND) markets closed. Japan was assessing the damage from a powerful earthquake that struck its central region on New Year’s Day. Japanese markets will reopen on January 4.
China (SHCOMP) -0.20%. Official data over the weekend showed that factory activity in the mainland shrank the most in 6 months while the service sector grew for the 12th month.
Meantime, private survey data indicated the country’s manufacturing sector growth unexpectedly accelerated.
In a New Year speech, Chinese President Xi Jinping acknowledged many citizens and companies had endured difficulties in 2023 and pledged to strengthen economic momentum and job creation.
Hong Kong (HSI) -1.72%.
India (SENSEX) -0.75%.
Australia (AS51) +0.49%. The Judo Bank Australia Manufacturing PMI was revised lower to 47.6 in December 2023 from a preliminary of 47.8.
In the U.S. on Friday, all three major indexes ended in red, as investors continued to assess the outlook for Federal Reserve monetary policy in light of moderating price pressures and weaker growth impulses.
U.S. stock futures held steady on Tuesday as the market looks to hold onto gains following a surprisingly strong 2023: Dow +0.22%; S&P 500 +0.18%; Nasdaq +0.04%.
Traders now look ahead to key U.S. data this week including jobs openings and nonfarm payrolls, as well as minutes of the Fed’s December meeting. Meanwhile, investors are less certain that the European Central Bank and the Bank of England will cut borrowing costs as quickly, as both central banks retained the higher-for-longer stance on rates. Elsewhere, the Bank of Japan remains under pressure to abandon its negative rates policy.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
