Asian Stocks Subdued as Investors Assess Chinese Manufacturing Data
Asian stock markets were largely stagnant on Tuesday, mirroring overnight losses on Wall Street, with thin trading volumes due to year-end holidays. Investors were also assessing the latest Chinese manufacturing activity data.
The Chinese stock indices, Shanghai Composite and Shenzhen Composite, fell 0.4% each, while the Hong Kong Hang Seng Index rose 0.7%.
China’s manufacturing activity expanded for a third straight month in December, driven by stimulus measures, but the growth rate was slower than expected, sparking concerns about the country’s long-term economic health. Markets are awaiting more clarity on Beijing’s plans for stimulus measures in the coming year.
In other markets, the Australian S&P/ASX 200 fell 0.9%, while the Indian Sensex was 0.2% lower. Singapore’s Straits Times Index was unchanged, and Malaysia’s FBM KLCI inched 0.1% lower.
In the midst of the market activity, a South Korean court approved an arrest warrant for President Yoon Suk Yeol, who has been impeached and suspended from office, following his decision to impose martial law. This is the fourth consecutive decline for the South Korean stock market.
