Asian shares showed a mixed performance on Monday, with significant surges in Hong Kong while South Korea’s benchmark saw a notable slide. This follows a week where U.S. stocks closed with record highs. In South Korea, the local media reported potential overseas travel bans amidst political turmoil concerning martial law declarations, which likely influenced the Kospi index’s 2.8% drop to 2,360.58.
Meanwhile, Hong Kong’s Hang Seng index rebounded from early losses, closing 2.8% higher at 20,414.09. In China, sentiments were bolstered by state media reports on the ruling Communist Party’s plans to support the sluggish economy, with the Shanghai Composite index ending slightly lower by 0.1%, at 3,402.53. Japan’s Nikkei 225 index edged up by 0.2% to 39,160.50 after positive economic data showed a 1.2% annual growth rate for the July-September period, outpacing initial estimates of 0.9% growth.
Australia’s S&P/ASX 200 saw minor changes, closing at 8,423.00, while India’s Sensex dipped by 0.1% and Taiwan’s Taiex gained 0.3%. In Thailand, Bangkok’s SET index fell by 0.3%. On the global front, the political upheaval in Syria, with the overthrow of Bashar Assad who sought asylum in Moscow, influenced oil prices.
U.S. benchmark crude oil rose by $1.01 to $68.20 per barrel, and Brent crude jumped $1.35 to $72.08 per barrel.
Hong Kong stocks defy regional unrest
U.S. stock markets continued their upward trajectory on Friday, buoyed by promising jobs data.
The S&P 500 climbed 0.2% to another all-time high of 6,090.27, marking its third consecutive winning week since the dot-com boom. The Nasdaq composite also set a new record, rising 0.8% to 19,859.77. However, the Dow Jones Industrial Average slid by 0.3% to 44,642.52.
The latest employment report showed higher-than-expected job creation, although the unemployment rate slightly increased to 4.2% from 4.1%. This fueled expectations that the Federal Reserve might consider further measures to support the economy in its upcoming meeting. Investor sentiment in the U.S. seems to be improving as well, with the University of Michigan’s consumer sentiment survey reaching a seven-month high.
The tech sector performed strongly, with Hewlett Packard Enterprise jumping 10.6% after reporting better-than-expected profit and revenue. In currency trading, the euro saw a slight increase to $1.0565 from $1.0561, and the dollar rose to 150.47 yen from 150.07 yen. The Asian markets’ performance underscores the regional and global economic complexities, highlighting the ongoing interplay between political events, economic policies, and market responses.
