Asian Shares Mixed On Disappointing China Data
2024-09-15
1609
(fxcue news) - Asian stocks ended mixed on Monday in thin holiday trade as a slew of Chinese data disappointed and caution prevailed ahead of the Fed, BoJ and BoE policy meetings this week, with central banks in Japan and the U.K. both expected to stand pat on rates.
Upcoming U.S. retail sales and industrial production data also remained on investors' radar.
Meanwhile, former United States President Donald Trump said he is "safe and well" after another apparent assassination attempt on Sunday.
The dollar weakened while gold held near record highs as investors assessed the chances of an outsized rate cut move by the Federal Reserve on September 18.
Markets in China, Japan, South Korea and Indonesia were closed for holidays.
Hong Kong's Hang Seng index ended 0.31 percent higher at 17,422.12, reversing an early slide after economic data from China over the weekend disappointed.
Chinese industrial production and retail sales grew less than expected in August, home prices fell at the fastest pace in nine years and unemployment rose, adding to concerns over economic recovery and bolstering the case for additional economic stimulus.
China's central bank is poised to set its one-year loan prime rate and the five-year rate on Friday.
Australian markets touched a new record high as soaring bullion prices booted gold miners and optimism about a potential interest rate cut by the Federal Reserve lifted banks.
Energy and healthcare stocks lagged, helping limit overall gains in the broader market. The benchmark S&P/ASX 200 rose 0.27 percent to 8,121.60 while the broader All Ordinaries index finished 0.21 percent higher at 8,341.10.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 1 percent to 12,704.39.
U.S. stocks closed higher on Friday amid growing expectations of interest rate cuts by the Federal Reserve and other central banks.
Sentiment was aided after a survey showed consumer sentiment rose to a four-month high in early September and one-year inflation expectations fell for the fourth straight month.
The tech-heavy Nasdaq Composite gained 0.7 percent and the S&P 500 added half a percent to log their best weekly gains of 2024 while the Dow climbed 0.7 percent.
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