On March 9, 2024, citizens were shopping in a supermarket in Nanjing, Jiangsu Province.
Cost Photo | Noor Photo | Getty Images
Asia-Pacific markets fell on Monday after China’s October inflation data was lower than expected, raising concerns about the recovery of the world’s second-largest economy.
The country’s inflation rate fell to 0.3%, below expectations of 0.4% and down from September’s 0.4%. Inflation fell for a second month in a row and fell to its lowest level in four months, London Stock Exchange data showed.
On Monday, China celebrated Singles’ Day – the country’s equivalent of Black Friday. one ING’s Notes Singles’ Day will showcase China’s spending, it said on Friday.
“We suspect that given the shift towards value-for-money purchases and online shopping, we will continue to see solid growth numbers for this activity, which should easily outpace overall consumption growth momentum.”
Hong Kong’s Hang Seng Index futures were quoted at 20,265 points, opening weaker than the Hang Seng Index’s closing point of 20,728.19 points.
Japan’s benchmark Nikkei 225 Index fell 0.14%, while the Topix was flat
Korean Cospi The Kosdaq fell 0.57%, with the small-cap Kosdaq down 0.58%.
Australian S&P/ASX 200 Index It opened down 0.26% that day.
U.S. stocks climbed to new highs on Friday, with the Dow Jones Industrial Average and the S&P 500 notching their best week in a year since Donald Trump was elected.
The blue chip index rose 259.65 points, or 0.59%, to close at 43,988.99 points. The Dow Jones surpassed 44,000 points for the first time in history
The S&P 500 rose 0.38% to close at 5,995.54 points after briefly exceeding 6,000 points. However, the tech-heavy Nasdaq rose just 0.09% to 19,286.78 points.
—CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.
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