Asian markets give back early gains
Stockholm, December 16 (Hibya) - Asian markets gave back early gains as investors evaluated key data from China and awaited central bank decisions to be announced this week.
Asia-Pacific markets mostly declined on Monday, reversing earlier gains as investors looked to key central bank decisions this week, including those from the Bank of Japan and the People’s Bank of China.
The US Federal Reserve’s decision, expected on December 18, is also on investors’ radar, with CME Fedwatch forecasting a 96% chance of a 25-basis-point cut.
The Bank of Japan is likely to keep interest rates unchanged on Thursday, while the People’s Bank of China will announce loan prime rates on Friday. The one-year LPR impacts corporate and household loans in China, while the five-year LPR serves as a benchmark for mortgage rates.
On Monday, traders will assess economic data from China for November, including industrial production, retail sales, and housing prices.
In contrast, Hong Kong’s Hang Seng index fell by 0.7%, leading losses in Asia, while mainland China’s CSI 300 index declined by 0.34%.
South Korea’s Kospi traded near the flat line, while the small-cap Kosdaq rose by 0.87%.
This development came after the country’s parliament removed South Korean President Yoon Suk Yeol from office on Saturday. On Monday, the country’s finance ministry stated it would continue monitoring financial and foreign exchange markets following the impeachment.
Japan’s benchmark Nikkei 225 index rose by 0.16%, while the broader Topix index showed a marginal decline.
Australia’s S&P/ASX 200 index fell by 0.31%.
British News Agency