Precise Investors Editorial Team
MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.1%, while Chinese blue chips edged up 0.2%
Asian shares were mostly downbeat on Monday as profit-taking hit some Japanese tech groups, though China remained well supported by optimism over its AI ventures.
A holiday in the U.S. made for thin trading, with Wall Street and European share futures managing minor gains after retreating on Friday.
Although inflation and growth data don’t scream out for a rate cut, at this stage it would likely require a significant positive employment surprise to stop the Fed from moving forward, given their concern about the sharp recent deceleration in job growth, said Michael Feroli, chief U.S. economist at JPMorgan.
US’ S&P 500 futures and Nasdaq futures were up 0.1%. Europe’s EUROSTOXX 50 futures firmed 0.1%, while UK’s FTSE futures were flat and Germany’s DAX futures gained 0.1%.
Japan’s Nikkei fell 2.0%, led by a 9% slide in chip group Advantest which finally ran into selling after climbing 49% in the past three months. South Korea’s market slipped 0.7%.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.1%, having hit a four-year high last week on the back of a bull run in Chinese stocks.
Chinese blue chips edged up 0.2%, having surged 10% over August as abundant liquidity sought capital returns in an otherwise low-yield environment.
The RatingDog China General Manufacturing PMI, compiled by S&P Global, rose to 50.5 in August, up from 49.5 in July and outpacing the official survey.
Hong Kong shares of Alibaba jumped almost 19% in the biggest one-day rise since early 2022 on optimism over its cloud business. There were also reports that DeepSeek had opted for Huawei chips to train some of its AI models.
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