Nikada
The Asia-Pacific equity markets were mixed on Monday as investors digested a slew of domestic data including the latest business activity reports in China, final data showing Japanese manufacturing activity remained contractionary in August and Australia’s manufacturing sector extended its slump in August.
The Japan (NKY:IND) +0.07%. The Nikkei 225 Index jumped on Monday, with Japanese shares hitting a one-month-high amid a complete recovery from the selloff in early August.
The Japanese yen depreciated past 146 per dollar, hitting a near two-week low and facing pressure from a stronger dollar.
Meanwhile, investors digested final data showing Japanese manufacturing activity remained contractionary in August, although at a softer pace than initially thought.
China (SHCOMP) -0.62%. The Shanghai Composite fell on Monday, giving back gains from the previous session as a better-than-expected Caixin manufacturing PMI data in August failed to reverse sentiment after an official gauge of factory activity shrank for a fourth straight month.
Official data released over the weekend showed that manufacturing activity contracted further in August, while services activity stayed expansionary for the 20th straight month.
Meanwhile, a private survey released Monday showed that the manufacturing sector returned to growth and expanded more than expected last month.
Hong Kong (HSI) -1.80%. Hong Kong’s stocks tumbled on the first trading day of September, halting gains from the prior two sessions amid widespread losses in all sectors.
India (SENSEX) +0.28%.
Australia (AS51) +0.10%. The S&P/ASX 200 Index fell on Monday, erasing gains from the previous session.
Investors also reacted to data showing Australia’s manufacturing sector extended its slump in August as high borrowing costs and subdued demand weighed on new orders.
The ANZ-Indeed Australian Job Ads shrank by 2.1% month-over-month in August 2024, after a downwardly revised 2.7% fall a month earlier.
The Melbourne Institute’s Monthly Inflation Gauge inched down 0.1% in August 2024 after rising by 0.4% in July, halting increases in the prior five months.
The seasonally adjusted private house approvals in Australia rose 0.6% from the prior month to 9,252 units in July 2024.
Australia’s business inventories edged up 0.1% qoq in Q2 of 2024, beating market consensus of a 0.5% fall while sharply moderating from an upwardly revised 1.5% rise in Q1.
Corporate profits in Australia shrank by 5.3% qoq in Q2 of 2024, worse than market estimates of a 0.9% fall and after a 2.5% drop in Q1.
On the monetary policy front, markets look forward to the latest remarks from Reserve Bank of Australia Governor Michelle Bullock this week.
In the U.S., on Friday, all three major indexes ended on a positive note as Nasdaq, S&P gain +1% each as investors assessed key inflation data closely watched by the Federal Reserve.
Meanwhile, US futures were slightly lower after Wall Street’s Dow Jones ended at a record peak Friday, with traders digesting US PCE data.
Markets now await a crucial US monthly jobs report this week as the Fed’s attention moves from inflation to the labor market.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
More on Asia:
Source link
