Opnion | Asia-Pacific shares trade mixed; China manufacturing activity shows growth
Asia-Pacific shares traded mixed on Tuesday as investors digested a range of economic data and a potential interest rate hike from the Federal Reserve.
Hong Kong’s Hang Seng index fell 0.44% in its first hour of trade. Mainland China’s Shanghai Composite dipped fractionally and the Shenzhen Component was down 0.19% as China’s official manufacturing PMI reported a reading of 50.1, above the 50-point mark separating growth from contraction.
South Korean benchmark Kospi dipped 0.4%, while the Kosdaq shed 0.72% after South Korea logged a 7.3% drop for December’s year-on-year industrial output, steeper than Reuters’ expectations of a 5.1% fall.
The International Monetary Fund also revised upward its global growth projections for2023, but cautioned that higher interest rates and Russia’s invasion of Ukraine would likely still weigh on activity.
Investors are also looking ahead towards trade data from Thailand.
Overnight in the U.S., major indexes fell, bracing for the busiest week of earnings season and the Federal Open Market Committee’s meeting on Tuesday and Wednesday, where the Fed is expected to hike rates by one-quarter of a percentage point.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
AEoop AB : $SPDR S&P 500 ETF (SPY.US)$
Wall-Street CallOP AEoop AB: