Asian Markets Mixed as China Property Stocks Fall, U.S. Markets Rally
Global Markets:
- Asian Stock Markets : Nikkei down 0.54%, Shanghai Composite up 0.26%, Hang Seng up 0.83% ASX up 0.72%
- Commodities : Gold at $2697.35 (0.24%), Silver at $31.80 (-0.54%), Brent Oil at $74.54 (0.36%), WTI Oil at $70.8 (0.52%)
- Rates : US 10-year yield at 4.039, UK 10-year yield at 4.066, Germany 10-year yield at 2.177
News & Data:
- (CAD) Manufacturing Sales m/m -1.3% vs -1.5% expected
- (USD) Import Prices m/m -0.4% vs -0.3% expected
Markets Update:
China’s property stocks dropped following a briefing by the housing ministry, while the broader CSI 300 rose alongside most other Asia-Pacific markets. The CSI 300 real estate index, which had gained over 5% on Wednesday, fell by 7%, while the CSI 300 increased by 0.3%. Hong Kong’s Hang Seng index rose 0.8% after policy announcements from its chief executive, although the Hang Seng Mainland Properties Index dropped 3.6%.
In Japan, the Nikkei 225 slipped by 0.5%, while the broader Topix gained 0.3%. Investors were reacting to trade data that showed a 1.7% drop in exports for September, a surprise contraction compared to the 0.5% growth economists had expected. This marked the first decline in exports this year, following a 5.5% increase in August. Meanwhile, imports rose 2.1%, falling short of the forecasted 3.2% growth.
Australia’s S&P/ASX 200 rose by 0.72%, closing at 8,355.9. The country’s unemployment rate for September came in at 4.1%, slightly better than expectations, while labor participation increased to 67.2%. South Korea’s Kospi traded flat, while the small-cap Kosdaq was down by 0.1%. Taiwan’s Taiex saw a modest gain of 0.2%, with Taiwan Semiconductor Manufacturing Company’s earnings report expected to draw attention.
In the U.S., the stock market saw gains overnight. The Dow Jones added 337.28 points, or 0.79%, closing at 43,077.70. The S&P 500 increased by 0.47%, while the Nasdaq Composite rose 0.28%, driven by a broad market rally.
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