Asian Markets Mixed Following Strong U.S. Week and Weak China Data

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Asian stocks displayed mixed performance on Monday, with several key markets shuttered for holidays. This comes after U.S. equities had their best week of the year, edging close to record highs.

Hong Kong’s Hang Seng Index fell 0.3% to 17,312.37, influenced by disappointing economic data from China. Figures released over the weekend revealed a slowdown in China’s economy for August, with factory output, retail sales, and investment data falling short of expectations. Additionally, China’s unemployment rate unexpectedly rose to a six-month high, adding to concerns about the country’s economic trajectory. “The drums of a deepening economic slowdown are beating louder, and it’s time for China’s leadership to decide whether to step up or risk sliding further into stagnation,” noted Stephen Innes of SPI Asset Management.

Conversely, Australia’s S&P/ASX 200 gained 0.4% to 8,133.40.

Markets in Japan, mainland China, and South Korea remained closed due to national holidays.

Investors are now keenly awaiting the Federal Reserve’s policy meeting this Tuesday and Wednesday, where the central bank is anticipated to announce its first interest rate cut since 2020. Additionally, the Bank of Japan’s meeting later in the week is expected to keep interest rates unchanged.

In currency trading, the Japanese yen appreciated against the dollar, with the yen strengthening to 140.53 per dollar from 140.82. The euro edged up slightly to $1.1092 from $1.1076.

U.S. futures and oil prices were on the rise.

On Friday, the S&P 500 climbed 0.5% to 5,626.02, marking its fifth consecutive gain and bringing it within 0.7% of its record high set in July. Gains in major technology stocks such as Microsoft and Broadcom contributed to this recovery, nearly reversing the losses from the previous week, which had been its worst in nearly 18 months.

The Dow Jones Industrial Average increased by 0.7% to 41,393.78, while the Nasdaq Composite rose by 0.7% to 17,683.98.

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