Asia-Pacific markets fell Tuesday as China’s manufacturing growth missed expectations, but the country’s benchmark CSI 300 was on course to close the year higher, ending three years of losses.
Hong Kong’s Hang Seng Index, which ended a shortened trading day marginally higher at 20,059.95, also snapped a four-year losing streak with gains of nearly 18% in 2024.
Markets in Japan, Singapore, Korea, and New Zealand were shuttered for New Year’s Eve.
South Korea’s consumer inflation accelerated in December, rising 1.9% year on year. CPI came in at 1.5% in November. On a month-on-month basis prices rose 0.4% this month.
Taiwan’s Taiex led annual gains among Asian markets, advancing more than 29% in 2024. The index fell 0.67% to 23,035.10 on Tuesday.
Australia’s S&P/ASX 200 dropped 0.92% to close at 8,159.1 on a shortened trading day. It extended gains to a second straight year, advancing 8.5% in 2024.
CHINA
Mainland China’s CSI 300 fell 1.6% to close the day at 3,934.91, but ended the year with annual gains of about 15% after posting losses in 2023, 2022 and 2021.
China’s purchasing managers’ index for December came in at 50.1, missing expectations, signaling that Beijing’s stimulus measures were not sufficient to meaningfully boost the country’s ailing economy.
Analysts polled by Reuters forecast a reading of 50.3, the same as November PMI. A reading above 50 indicates expansion in activity, while a figure below that level points to contraction.
