Signage of the Hong Kong stock exchange in Hong Kong. HKEX has added a new scheme that will connect capital markets in Hong Kong and mainland.
Vernon Yuen | Nurphoto | Getty Images
Asia-Pacific markets were mixed on the first trading day of the year, with China stocks dipping at the open after official data over the weekend highlighted a deepening contraction in its manufacturing sector.
Official data showed China’s manufacturing PMI contracted further in December 2023, in a sign that more policy support was likely needed to revive its economy.
China’s CSI 300 index opened 0.64% lower Tuesday, while Hong Kong’s Hang Seng index shed 0.58%. Both markets were among the worst performers of 2023.
Japan was assessing the damage from a powerful earthquake that struck its central region on New Year’s Day. Markets in the region are closed until Jan. 4.
Nearly 100,000 people were ordered to evacuate, and at least one person was reported dead from the quake, which had a preliminary magnitude of 7.6. Japan’s Nikkei 225 wrapped up 2023 with gains of over 28%, making it Asia’s top-performing market.
Asia-Pacific region will see private factory activity surveys out from S&P Global for China, Australia, and South Korea, as well as fourth-quarter gross domestic product readings from Singapore.
Australia’s S&P/ASX 200 rose 0.4%, hitting more than two year highs.
South Korea’s Kospi inched 0.1% higher, while the small-cap Kosdaq rose 0.56%.
In the U.S., stock futures were flat in overnight trading Monday as the market prepares to kick off the new year.
Futures for the Dow Jones Industrial Average were little changed, while S&P 500 and Nasdaq 100 futures traded marginally above the flatline. Markets were closed Monday for New Year’s Day.
— CNBC’s Yun Li contributed to this report
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
