Asian stocks fall amid weak trading, slower manufacturing expansion in China weighs on Investing.com
Investing.com – Asian stocks were broadly lower on Tuesday following overnight losses on Wall Street amid weak year-end trading volume as investors weighed data on Chinese manufacturing activity.
Trading volume was light, with most major indexes closed for year-end holidays. Stock markets in Japan, South Korea and Thailand were closed on the last trading day of the year, while Hong Kong, the Philippines, Australia and New Zealand will have reduced trading hours for the day.
U.S. stock index futures were slightly lower in Asian trade on Tuesday, after Wall Street fell sharply as technology stocks fell amid Monday’s profit-taking.
Chinese stocks fall as manufacturing activity expands more slowly
Chinese and indices fell 0.4 percent each on Tuesday.
In contrast, the Hong Kong index was higher by 0.7 percent.
China rose for a third straight month in December as a raft of new stimulus measures continued to provide support, purchasing managers’ index data showed on Tuesday. data showed on Tuesday.
However, growth was somewhat lower than market expectations and below the previous month’s reading. That raised concerns about the long-term industrial health of the world’s second-largest economy, which is suffering from an economic slowdown and a strained real estate sector.
Markets await more clarity on Beijing’s plans for stimulus measures next year. Recent reports suggest that the country will increase fiscal spending to support economic growth.
In Australia, China’s largest trading partner, the index fell 0.9%.
India fell 0.2 percent on Tuesday, while Singapore was largely unchanged.
The Malaysian index fell by 0.1 percent.
South Korea’s political crisis is deepening
South Korean markets were closed on Tuesday. The index has recorded four consecutive declines since Monday.
A South Korean court on Tuesday approved an arrest warrant for President Yoon Suk Yeol, who was impeached and suspended from office following his Dec. 3 decision to impose martial law, according to investigating authorities.
The Corruption Investigation Office for Senior Officials (CIO) said the Seoul Western District Court granted the warrant sought by investigators probing Yoon’s brief imposition of martial law.
