“China’s growth recovery and North Asia’s earnings recovery in 2024 remain our key investment themes and areas of focus,” Goldman Sachs strategists led by Timothy Mo said in a note on Saturday. .
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Asia-Pacific markets opened higher on Monday as investors assessed China’s weekend press conference and awaited a slew of economic data from the region this week.
China’s Finance Minister Lan Huo’an said in a much-anticipated press conference on Saturday that the government has “quite a lot” of room to widen the budget deficit, hinting at further bond issuance in an effort to support the economy.
Meanwhile, deflationary pressures in China deepened further in September, with consumer prices rising 0.4% year-on-year, the slowest pace in three months, while the producer price index rose 2.8%, the fastest pace in six months. It fell. Both indicators were below forecasts from economists polled by Reuters, who expected the CPI to rise 0.6% and the PPI to fall 2.5%.
China is scheduled to release September trade statistics on Monday, with exports expected to rise 6%, slower than August’s 8.7% rise, while imports are expected to rise 0.9% (up 0.5% in August).
China watchers are also looking ahead to this week’s outlook on a dizzying array of economic indicators, including China’s third-quarter GDP, September industrial production growth, retail sales and unemployment rate.
Japanese markets were closed for the holiday.
Hong Kong’s Hang Seng Index futures were at 21,274, slightly higher than the previous closing price of 21,251.98.
australian S&P/ASX 200 The stock started the day up 0.27%.
South Korea’s blue-chip stock Kospi rose 0.63%, while the small-cap Kosdaq index fell 0.43%.
In the United States, stock futures were little changed in overnight trading on Sunday as investors awaited valuations of upcoming major corporate earnings.
Futures for the Dow Jones Industrial Average were trading almost flat. S&P 500 Index futures were flat, and Nasdaq 100 futures were down 0.1%.
—CNBC’s Yun Li contributed to this report.