Hong Kong’s Hang Seng declined 0.3% to 17,312.37, Australia’s S&P/ASX 200 gained 0.4% to 8,133.40
Asian stocks were mixed on Monday with several key markets shut for a holiday, after U.S. stocks finished their best week of the year and jumped to the verge of their records.
Hong Kong’s Hang Seng declined 0.3% to 17,312.37 after data released over the weekend showed a slowdown in China’s economy in August, as factory output, retail sales and investment figures failed to meet expectations. Meanwhile, the unemployment rate unexpectedly surged to a six-month high, adding further challenges to the fragile economy.
The drums of a deepening economic slowdown are beating louder, and it is time for China’s leadership to decide whether to step up or risk slipping further into stagnation, Stephen Innes of SPI Asset Management said in a commentary.
Australia’s S&P/ASX 200 gained 0.4% to 8,133.40.
Markets in Japan, mainland China and South Korea were shut for a holiday.
Investors will closely watch the Fed’s policy meeting on Tuesday and Wednesday, when the central bank is expected to announce its first interest rate cut since 2020. The BoJ’s policy meeting on Thursday and Friday is expected to leave Japan’s rate unchanged.
In currency trading, the Japanese yen firmed against the dollar, with the U.S. currency dropping to 140.53 yen from 140.82 yen. The euro cost $1.1092, edging up from $1.1076.
U.S. futures and oil prices were higher.
On Friday, the S&P 500 increased 0.5% to 5,626.02 for a fifth consecutive gain and is just 0.7% below its all-time peak set in July. Rallies for Microsoft, Broadcom and other big technology stocks helped it retrieve almost all its losses from last week, which was its worst in almost 18 months.
The Dow Jones Industrial Average climbed 0.7% to 41,393.78 and the Nasdaq composite gained 0.7% to 17,683.98.
