A worker assembles a loader transmission mechanism at a manufacturer in Qingzhou, China.
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Asia-Pacific markets fell on Tuesday after weaker-than-expected growth in China’s manufacturing industry, but the country’s benchmark CSI 300 was on track to end the year higher, ending three years of losses.
hong kong hansen indexclosed the short session at 20,059.95, but rose nearly 18% in 2024, ending a four-year losing streak.
Mainland China’s CSI300 index fell 0.66% on the day, but was on track to end the year with an annual gain of about 16% after posting losses in 2023, 2022 and 2021.
China’s Purchasing Managers’ Business Index in December came in at 50.1, lower than expected, showing that the Chinese government’s stimulus measures are not enough to meaningfully boost China’s sluggish economy.
Analysts polled by Reuters expected the PMI to be 50.3, the same as November’s PMI. A number above 50 indicates expansion of activity, and a number below that level indicates contraction.
Australia’s S&P/ASX 200 fell 0.92% on the shortened trading day to close at 8159.1. It increased for the second consecutive year, increasing by 8.5% in 2024.
Taiwan’s ThaiEx has led the annual rise among Asian markets, rising more than 29% in 2024. On Tuesday, the index fell 0.67% to 23,035.10.
Stock markets in Japan and South Korea were closed for the New Year’s Eve holiday. South Korea’s consumer inflation accelerated in December, rising 1.9% year-on-year. CPI in November was 1.5%. Compared to the previous month, this month’s price increased by 0.4%.
US stocks fell overnight as a monumental year for investors appears to have come to a bitter end.
Trading was volatile throughout the day, with the Dow Jones Industrial Average dropping more than 700 points at its lowest point. There was no obvious news to cause a decline on Monday, and trading was expected to be light given the shortened week.
The Dow Jones Industrial Average fell 418.48 points, or 0.97%, to close at 42,573.73. The S&P 500 fell 1.07% to 5,906.94, and the Nasdaq Composite fell 1.19% to 19,486.78.
—CNBC’s Vinay Dwivedi, Jesse Pound and Samantha Subin contributed to this report.
