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Seeking Alpha 2025-03-10 05:46:17

Asia markets mixed in response to weak Chinese CPI and PPI data; tariff uncertainty

Asia-Pacific markets mixed on Monday as traders continued to closely monitor developments in tariff talks amid a lack of domestic market catalysts. China’s retaliatory tariffs on US farm goods took effect, following the US hiking tariffs on Chinese goods from 10% to 20%. Traders reacted to fresh data from China over the weekend, which showed that consumer prices fell the most in 13 months in February, while producer deflation persisted for the 29th month despite a slower fall. Japan ( NKY:IND ) rose 0.42% to around 3,990, while the broader Topix Index edged up 0.1% to 2,712 on Monday, recovering some losses from the previous session. The Japanese yen strengthened past 148 per dollar on Monday, hovering at a five-month high. Domestically, data showed that Japan posted a current account deficit in January for the first time in two years, as imports outpaced exports. Additionally, inflation-adjusted real wages—a key measure of consumer purchasing power—fell 1.8% year-on-year, marking the first decline in three months. China ( SHCOMP ) fell 0.62% to below 3,360, while the Shenzhen Component lost 0.3% to 10,810 on Monday, extending losses from the previous session as persistent deflationary pressures underscored China's economic challenges, and the offshore yuan depreciated around 7.25 per dollar as investors reacted to China’s weaker-than-expected inflation data . China announced on Saturday that it will impose a 100% tariff on imports of certain Canadian agricultural products, including rapeseed oil, oil cakes, and peas, along with a 25% levy on aquatic products and pork. Hong Kong ( HSI ) fell 2.29% to 23,888 on Monday morning, extending losses from the prior period amid widespread sector falls. Locally, Hong Kong's foreign exchange reserves fell to an 8-month low in February, following a period of stability over the previous three months. India ( SENSEX ) rose 0.40% to 74,601 in early deals on Monday, hitting a near two-week peak, with the Nifty 50 climbing 0.4% to above 22,600, after being flat in the previous session, supported by strength in consumer goods, metals, and realty. Australia ( AS51 ) rose 0.18% to around 7,970 on Monday, recovering some losses from the previous session, as mining and energy stocks led gains amid firmer commodity prices. The Australian dollar steadied around $0.63 on Monday, pausing a two-day decline. In the U.S., on Friday, all three major indexes ended higher recovered from earlier losses after Fed Chair Jerome Powell reiterated confidence in inflation progress while emphasizing no urgency to cut rates. On Sunday, US President Donald Trump described the economy as undergoing “a period of transition” during a Fox News interview, when asked about the risk of a recession. U.S. stock futures declined on Monday ahead of the inflation and JOLTS data: Dow -0.43% ; S&P 500 -0.46% ; Nasdaq -0.51% . Markets are closely watching consumer inflation expectations set for release on Monday, followed by consumer inflation data on Wednesday, producer inflation figures on Thursday, and a consumer sentiment report on Friday. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: China’s CPI fell for first time in 13 months, PPI deflation persists China's trade surplus surpass forecasts, exports grow by 2.3% and imports shrink Australia’s trade balance exceeds expectations, export growth accelerates and imports decline Australia’s economy grows by 0.6% in Q4, surpasses expectations Japan’s services sector grows at fastest pace in six months, driven by strong demand

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