Major Asian stock markets closed mixed on Monday, with economic data from the region raising concerns over growth ahead of a U.S. Federal Reserve monetary policy meeting.
The Fed is expected to raise rates another 75 basis points on Wednesday after raising interest rates a total of 300 points since March to rein in record inflation.
The Asia Dow, which includes blue chip companies in the region, rose 1.27%, or 35.27 points, to 2,812.18 on Monday.
Tokyo’s Nikkei 225 stock exchange rose 1.78%, or 482.26 points, to 27,587.46.
Japan’s finance ministry revealed on Monday that the country had spent a record 6.35 trillion yen ($43 billion) on multiple interventions aimed at preventing its currency from depreciating against the greenback. While the Bank of Japan pursues an ultra-accommodative monetary policy, the Fed should continue its monetary tightening.
Japan’s industrial production fell more than expected in October, down 1.6% from a month earlier, according to preliminary data from the Ministry of Economy, Trade and Industry on Monday.
Its retail sales rose for the seventh straight month, up 4.5% year-on-year in September, the ministry said.
The Hang Seng, the benchmark for blue chip stocks traded on the Hong Kong stock exchange, fell 1.18%, or 176.04 points, to 14,687.
Hong Kong’s economy unexpectedly contracted 4.5% year-on-year in the third quarter of 2022, while the market estimate was for 0.7% growth, preliminary estimates showed on Monday.
China’s Shanghai Stock Exchange fell 0.77%, or 22.44 points, to close at 2,893.48.
Chinese manufacturing activity contracted in October, with the National Bureau of Statistics’ Manufacturing Purchasing Managers’ Index falling to 49.2 in the month amid COVID-19 restrictions in several Chinese cities. , official data revealed on Monday.
India’s benchmark Sensex rose 1.31%, or 786.74 points, to 60,746.59, while Singapore’s index climbed 1.11%, or 33.92 points, to end the day at 3,093.11.
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