Stock Exchanges | Contradictory economic data from China, stock markets in freezing temperatures on the first trading day of the year

Asian the year has started slowly on the stock market.

In China, the CSI 300 index, which tracks the shares of the country's major companies, was down by more than 1 percent at about half past nine in the morning Finnish time on Tuesday.

The Hang Seng index of the Hong Kong stock exchange was 1.9 percent below zero.

In Japan, the stock exchanges are still closed after the turn of the year.

In China, the mood of the market has been weighed down by the information reported over the weekend about the contraction of the country's factory production. This further darkened the outlook for China's economic recovery.

According to the official Purchasing Managers' Index published over the weekend, China's factory production contracted in December for the third month in a row and weakened more than expected.

The purchasing managers' index, which describes factory activity, fell to 49 points in December from 49.4 points the previous month. A reading of more than 50 points in the purchasing manager indices indicates that production is increasing. Again, a reading of less than 50 points indicates contraction.

Economists had expected the index to be 49.5 points in December in a forecast collected by the news agency Reuters.

The result is in contrast with the private purchasing managers' index published on Tuesday by Caixin and S&P Global. According to it, the country's factory operations expanded faster in December thanks to an increase in production and new orders. The purchasing managers' index increased to 50.8 in December from 50.7 in November.

Terrestrial president Xi Jinping said in his New Year's speech on Sunday that in 2024, China will “strengthen and enhance the positive trend of economic recovery” and “deepen reforms” to increase confidence in the country's economy.