Asia-Pacific markets traded lower Monday, after U.S. jobs report on Friday dampened investors’ hopes for early interest rate cuts by the Federal Reserve.
Markets in Japan were closed for holiday.
In Hong Kong, the Hang Seng index lost 190.15 points, or 1%, to 19,874.14, falling below 19,000 for the first time since last September.
Looking to the rest of this week, the Bank of Korea is expected to meet this Thursday, and Australia is slated to post its unemployment rate for December on the same day. China will be posting its GDP for the fourth quarter of 2024 on Friday, alongside retail sales and industrial output data.
CHINA
The CSI 300 slid 9.97 points, or 0.3%, to 3,722.51.
China’s exports and imports in December beat expectations by a significant margin. Exports rose 10.7% from a year earlier, beating Reuters’ expectations of a 7.3% year-on-year growth. The country’s imports in December unexpectedly rose 1%, compared with Reuters’ estimates of a 1.5% decline.
Mainland China’s benchmark CSI 300, fell 0.27% to 3,722.51, extending losses after having closed at its lowest level since September 2024 on Friday.
Investors in Asia will continue to keep an eye on Chinese bond yields after the country’s central bank suspended purchases of government bonds last Friday. China’s 10-year bond yield plunged to a record low this month.
The country’s onshore yuan hit a 16-month low against the dollar last week, while the offshore yuan has been on a multi-month slide since last September.
In other markets,
In Singapore, the Straits Times index sagged 9.86 points, or 0.3%. to 3,791.70
In Korea, the Kospi index dipped 26.22 points, or 1%, to 2,489.56.
In Taiwan, the Taiex index plummeted 523.53 points, or 2.3%, to 22,488.37
In New Zealand, the NZX 50 slumped 68.65 points, or 0.5%, to 12,827.33.
In Australia, the ASX 200 retreated 102.15 points, or 1.2%, to 8,191.92.
