A vegetables stall in the Haizhu area of Guangzhou, China, in May 2023.
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Asia-Pacific markets were set for a mixed open on Monday as investors assessed November inflation numbers from China, which declined at a faster-than-expected pace .
The consumer price index fell 0.5% year-on-year, more than the 0.1% drop expected by economists polled by Reuters and the fastest slide since November 2020.
The producer price index fell 3% year-on-year, compared with October’s 2.6% drop and expectations of a 2.8% decline.
November also marked the 14th straight month of PPI decline and the quickest since August.
In Australia, the S&P/ASX 200 started Monday up 0.19%, on pace for a three-month high.
Japan’s Nikkei 225 was also set to rise, with the futures contract in Chicago at 32,610 and its counterpart in Osaka at 32,520 against the index’s last close of 32,307.86
In contrast, futures for Hong Kong’s Hang Seng index stood at 16,327, pointing to a weaker open compared with HSI’s close of 16,334.37
On Friday, all three major U.S. indexes rose, with the S&P 500 climbing to hit a new high for the year after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.
The S&P 500 added 0.41%, while the Nasdaq Composite rose 0.45%. The Dow Jones Industrial Average gained or 0.36%.
— CNBC’s Samantha Subin and Tanaya Macheel contributed to this report
Source link: https://www.cnbc.com/2023/12/11/asia-markets.html