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China leads Asia market declines as property stocks plunge; Japan service inflation heats up

News Team

Asia-Pacific stocks fell on Monday as the Chinese market dropped due to a decline in property firms, while Japan’s service inflation surged to a 45-month high.

Data showed Japan’s service PPI rose 2.3% in October to its highest level since January 2020 and more than the prior month’s reading of 2%.

On Monday, China’s industrial profits continued to shrink in November, but at its slowest pace in almost a year, according to data released by the government.

The world’s second-largest economy will release its official factory activity figures for November on Thursday, while the Caixin survey for the same metric will be out on Friday.

Australia will release its October inflation figures on Wednesday, which will offer clues to its central bank’s policy moves. India’s gross domestic product numbers for the three months ended September will be released late Thursday.

Hong Kong’s Hang Seng index pared much of its falls by the final hour of trading to dip 0.12%, while mainland Chinese markets closed in negative territory, with the CSI 300 index falling 0.74% to 3,511.94.

In Australia, the S&P/ASX 200 closed 0.76% lower at 6,987.60.

Japan’s Nikkei 225 also slipped 0.53%, closing at 33,447.67 and moving away from its 33-year high of 33,753.33 on July 3. The Topix, meanwhile, shed 0.38%, ending the day at 2,381.76.

South Korea’s Kospi dipped marginally to end at 2,495.66, while the small-cap Kosdaq was down 0.58% at 810.25

On Friday in the U.S., the three major indexes were mixed in a shortened trading session.

The 30-stock Dow rose 0.33% while the S&P 500 ticked higher by 0.06%. However, the tech heavy Nasdaq Composite fell 0.11%.

Major retail shares rose slightly as Black Friday kicked off the holiday shopping season. Walmart and Target rose 0.9% and 0.74%, respectively, while Amazon ticked higher by 0.02%.

Source: https://www.cnbc.com/2023/11/27/asia-stock-markets-today-live-updates-china-industrial-profit.html