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Seeking Alpha 2024-12-11 06:38:28

Asia-Pacific markets mixed as China's key economic meeting kicks off; eyes on U.S. CPI report

Asia-Pacific markets mixed as China's key economic meeting kicks off; eyes on U.S. CPI report

Asia-Pacific markets trade mixed on Wednesday, as traders are eyeing upcoming US inflation data and China’s economic work conference, which will outline next year’s policies and growth targets. Japan ( NKY:IND ) fell -0.02% to around 39,300 on Wednesday, ending a two-day winning streak. The Japanese yen rose slightly to around 151.6 per dollar on Wednesday but remained close to its lowest level in two weeks. The Reuters Tankan index turned negative in December, while the BSI manufacturing sentiment reading showed improvement in the fourth quarter. Additionally, data revealed that producer prices in Japan surged by 3.7% y/y in November 2024, following an upwardly revised 3.6% growth in the previous month and exceeding market estimates of 3.4%, the fastest pace in 16 months in November. China ( SHCOMP ) rose +0.98% on Wednesday, with the Shanghai Composite rising to above 3,430 and the Shenzhen Component edging up 0.2% to 10,835, extending the gains from the previous session. The offshore yuan strengthened past 7.24 per dollar, marking its third consecutive session of gains, as market attention shifted to China’s annual Central Economic Work Conference, which commenced today. Policymakers are expected to set economic targets and outline stimulus plans for 2025 during the annual gathering. Hong Kong ( HSI ) fell -0.59% to 20,447 on Wednesday morning, bouncing back from losses in the prior session as China will kick off its annual economic work meeting today to discuss next year's policies. India ( SENSEX ) rose +0.15% to 81,644 in morning trade on Wednesday after being muted in the previous session, supported by gains from metals, healthcare, auto, and consumer goods sectors. Australia ( AS51 ) fell -0.47% to close at 8,354 on Wednesday, marking a second consecutive session of losses. The South Korean won ( USD:KRW ) strengthened toward 1,430 per dollar, recovering losses from a more than two-year low in the previous session, after government authorities pledged active measures to stabilize markets amid political uncertainty. In the U.S., on Tuesday, all three major indexes ended lower due to a tumble in tech stocks, ahead of key US inflation data later in the day. U.S. stock futures remained steady on Wednesday as investors prepared for crucial US inflation data: Dow +0.03% ; S&P 500 +0.11% ; Nasdaq +0.12% . Traders anticipated the release of US inflation data later today and domestic headline inflation on Thursday for clues about the central bank's future monetary policy path. In addition, major central banks, including the ECB, SNB, and BoC, are expected to lower rates this week. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: China's trade surplus largest in 5 months; exports slow while imports fall amid trade uncertainties Chinese fintech stocks surge after China signals looser monetary policy Reserve Bank of Australia holds cash rate steady at 4.35%, adopts mildly dovish stance China's consumer inflation falls below forecasts, drops to a five-month low in November South Korea to infuse additional capital to stabilize markets

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