Stocks trade mixed; Caixin services PMI data

The Tokyo Stock Exchange in Japan.Noriko Hayashi | Bloomberg via Getty ImagesShares in the Asia-Pacific traded mixed on Monday as investors digest the results of a private survey on Chinese services sector activity.Hong Kong’s Hang Seng index fell 1.29% in early trade, with the Hang Seng Tech index down more than 2%.In Japan, the Nikkei 225 fell 0.21%, and the Topix index lost 0.17%.The Shenzhen Component in mainland China dipped 0.46%, and the Shanghai Composite slipped 0.22%.China’s Caixin Services Purchasing Managers’ Index came in at 55.0, compared with July’s 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 index of Asia-Pacific shares outside Japan was 0.68% lower.On Friday in the U.S., nonfarm payrolls for August rose 315,000, slightly below the Dow Jones estimate. Unemployment inched higher.”Asset markets initially recovered as an uptick in the U.S. unemployment rate due to a higher participation rate 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 didn’t last long, as news emerged that Gazprom is not planning on restarting gas flows through Nord Stream 1,” the note said.The Group of Seven nations announced on Friday that it reached an agreement to put a cap on Russian oil prices.”The lack of reaction in the global oil price suggests a degree of skepticism about the impact,” ANZ Research wrote.

Leave a Comment

Your email address will not be published.