Stocks trade mixed; Caixin services PMI data

The Tokyo Stock Exchange in Japan.

Noriko Hayashi | Bloomberg via Getty Images

Stocks in the Asia-Pacific region traded mixed on Monday as investors digested the results of a private survey into activity in China’s services sector.

that of Hong Kong Hang Seng Index fell 1.29% in early trading as the Hang Seng Tech index fell more than 2%.

In Japan, the Nikki 225 fell 0.21% and the Topix index lost 0.17%.

The Shenzhen Component in mainland China fell by 0.46%, and the Shanghai Composite down 0.22%.

China’s Caixin Services Purchasing Managers’ Index came in at 55.0, versus July print of 55.5.

In South Korea, the Kospi rose 0.3% while the Kosdaq fell 0.93%. The S&P/ASX 200 in Australia gained 0.24%.

MSCI’s broadest Asia Pacific ex-Japan equity index was down 0.68%.

Friday in the United States, nonfarm payrolls for August rose 315,000, slightly below the Dow Jones estimate. Unemployment rose slightly.

“Asset markets initially rallied as a slight rise in the US unemployment rate due to higher labor force participation was seen as a potential sign of easing inflationary pressures in the US labor market” , ANZ Research said in a Monday note.

“[However,] the improved mood did not last long as news emerged that Gazprom was not planning to restart gas flows through Nord Stream 1,” the note read.

The Group of Seven Nations announced on Friday that it reached an agreement to cap Russian oil prices.

“The lack of global oil price response suggests some skepticism about the impact,” ANZ Research wrote.

Leave a Comment

Your email address will not be published.