Hong Kong’s Hang Seng index declined 0.76% on open, after China released economic data over the weekend
Asian markets opened mixed Monday, with Hong Kong stocks dropping as investors assessed downbeat economic data from China, while several key markets were shut for holidays.
Hong Kong’s Hang Seng index declined 0.76% on open, after China released a slew of worrying economic data over the weekend, with August factory output, retail sales and investment numbers missing expectations. Urban jobless rate rose to a six-month high while year-on-year home prices fell at their fastest pace in nine years.
Investors also await the Fed’s policy meeting on Tuesday and Wednesday where the central bankers are expected to make their first interest rate cut since 2020.
Australia’s S&P/ASX 200 gained 0.44% on open. The Taiwan Weighted Index rose marginally.
Markets in mainland China and South Korea were shut for Mid-Autumn festival. Japan markets were shut for Respect for the Aged Day.
Asian investors also await a slew of key data and central bank decisions.
Bank of Japan is expected to keep the rate unchanged while indicating that further rate hikes were in the offing.
The Japanese yen firmed Monday morning to trade at 140.49 against the dollar. If the yen holds these levels, the currency will close at its strongest in more than a year.
China is poised to set its one- and five-year loan prime rates on Friday. The one-year rate, which affects most new and outstanding loans, is currently at 3.35%, while the five-year rate, that influences the pricing of mortgages, is currently at 3.85%.
