Investing.com - Most Asian stocks traded lower Monday despite encouraging data points out of two of the region’s largest economies. Markets in Japan are closed for a public holiday.
In Asian trading Monday, Hong Kong’s Hang Seng fell 0.18% while the Shanghai Composite inched down 0.05% even after China’s National Bureau of Statistics and China Federation of Logistics and Purchasing said Sunday that the country’s non-manufacturing sector PMI rose to 56.3 in October from 55.4 in September.
That data come on the heels of two impressive readings of Chinese manufacturing data last week. Readings above 50 indicate expansion. China, the world’s second-largest economy, is Australia’s largest trading partner.
Australia’s S&P/ASX 200 fell 0.3%. Earlier Monday, the Australian Bureau of Statistics said retail sales there rose 0.8% last month after a September gain of 0.5%. The September number was revised up from growth of 0.4%. Analysts expected an October increase of 0.4%.
In a separate report, the Bureau of Statistics said that Australia’s home price index rose 1.9% in third quarter following a 2.7% gain in the second quarter. The second-quarter reading was revised up from 2.4%. Analysts expected a third-quarter increase of 2.1%.
The Reserve Bank of Australia meets Tuesday with most traders not expecting any cuts to the record low interest rate of 2.5%.
New Zealand’s NZSE 50 lost 0.06%.
South Korea’s Kospi dropped 0.52% as foreign investors were seen as net sellers Monday for the first time in several weeks.
Singapore’s Straits Times Index rose 0.22% to be one of the regional standouts. S&P 500 futures rose 0.22%. The benchmark U.S. index posted a modest gain last week.
In Asian trading Monday, Hong Kong’s Hang Seng fell 0.18% while the Shanghai Composite inched down 0.05% even after China’s National Bureau of Statistics and China Federation of Logistics and Purchasing said Sunday that the country’s non-manufacturing sector PMI rose to 56.3 in October from 55.4 in September.
That data come on the heels of two impressive readings of Chinese manufacturing data last week. Readings above 50 indicate expansion. China, the world’s second-largest economy, is Australia’s largest trading partner.
Australia’s S&P/ASX 200 fell 0.3%. Earlier Monday, the Australian Bureau of Statistics said retail sales there rose 0.8% last month after a September gain of 0.5%. The September number was revised up from growth of 0.4%. Analysts expected an October increase of 0.4%.
In a separate report, the Bureau of Statistics said that Australia’s home price index rose 1.9% in third quarter following a 2.7% gain in the second quarter. The second-quarter reading was revised up from 2.4%. Analysts expected a third-quarter increase of 2.1%.
The Reserve Bank of Australia meets Tuesday with most traders not expecting any cuts to the record low interest rate of 2.5%.
New Zealand’s NZSE 50 lost 0.06%.
South Korea’s Kospi dropped 0.52% as foreign investors were seen as net sellers Monday for the first time in several weeks.
Singapore’s Straits Times Index rose 0.22% to be one of the regional standouts. S&P 500 futures rose 0.22%. The benchmark U.S. index posted a modest gain last week.