Asian stocks closed mostly higher on Monday, 10, with investors waiting for new US inflation data that could be decisive for the trajectory of US basic interest rates.
In mainland China, the Shanghai Composite index rose 0.39% to 3,593.52 points and the less comprehensive Shenzhen Composite rose 0.59% to 2,467.32 points, helped by strong performance in energy stocks.
Elsewhere in Asia, the Hang Seng gained 1.08% in Hong Kong, at 23,746.54 points, and the Taiex gained 0.38% in Taiwan, at 18,239.38 points. On the other hand, the South Korean Kospi fell 0.95% in Seoul, to 2,926.72 points. In Japan, a holiday kept the Tokyo Stock Exchange closed.
In Hong Kong, a highlight was the action of Chinese developer Shimao Group, which jumped more than 19% after news that the company is trying to sell real estate projects at a time of financial difficulties. Last week, a subsidiary of Shimao failed to repay a trust loan.
Investors in the Asian region and elsewhere are looking forward to new US consumer inflation (CPI) data, which will be released on Wednesday (12) and could seal the fate of US monetary policy. Last week, the Fed signaled that it may accelerate plans to raise rates amid lingering inflationary pressures and an improving job market.
In Oceania, the Australian stock exchange closed today’s trading session with only a marginal drop. The S&P/ASX 200 slipped 0.08% in Sydney to 7,447.10 points. With information from Dow Jones Newswires.
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