On the first trading day of the year, Asia-Pacific markets exhibited a mixed trend, with China stocks experiencing a decline while Australia shares approached their all-time closing high.
Official data revealed a further contraction in China’s manufacturing Purchasing Managers’ Index (PMI) in December 2023, signaling the potential need for additional policy support to revive the country’s economy. However, a Caixin survey indicated that manufacturing activity in China expanded during the same period, with the manufacturing PMI rising to 50.8 in December, up from 50.7 in November.
Despite the positive manufacturing data from the Caixin survey, China’s CSI 300 index concluded 1.3% lower at 3,386.35 on Tuesday. Additionally, Hong Kong’s Hang Seng index experienced a decline of 1.62%. Both markets were among the worst performers in 2023.
rose 0.49% to close at 7,627.8, just about 1 point away from its all-time high of 7,628.9 hit on Aug. 13, 2021.
Japan was in the process of evaluating the aftermath of a potent earthquake that hit its central region on New Year’s Day. Markets in the country remained closed until January 4. the first trading day
Following the earthquake, nearly 100,000 individuals were instructed to evacuate, and reports indicated at least eight casualties. The quake had a preliminary magnitude of 7.6. Notably, Japan’s Nikkei 225 concluded 2023 with impressive gains, exceeding 28%, establishing it as the top-performing market in Asia. However, the earthquake’s impact and the resulting situation would likely influence market dynamics once trading resumes.