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Asian Markets Mixed: Japan Dips, China and Australia Rise
5 Dec
Summary
- China's Shanghai Composite surged 0.70% awaiting economic data.
- Japan's Nikkei fell 1.05% due to unexpectedly weak household spending.
- Australian markets saw modest gains, driven by resilient household spending.
Asian stock markets concluded Friday's trading session with mixed results, halting a preceding three-day uptrend. China's Shanghai Composite registered a notable gain of 0.70%, reaching 3,902.81, as market participants awaited crucial economic indicators scheduled for release next week, including inflation, trade, and producer price data. Investors were also keenly observing policy cues expected from significant economic meetings slated for later this month.
Conversely, Japanese markets faced declines, with the Nikkei average shedding 1.05% to close at 50,491.87. This downturn was primarily attributed to government statistics revealing an unexpected and sharp contraction in household spending during October, marking the fastest fall in nearly two years. Technology stocks, including Advantest and Tokyo Electron, were among the significant laggards.
In contrast, Australian equities managed to secure marginal gains. The benchmark S&P/ASX 200 saw a modest increase of 0.19%, settling at 8,634.60, following data that indicated a broad-based rise in Australian household spending across all categories in October, underscoring sustained demand for mortgages. Meanwhile, New Zealand's S&P/NZX-50 index slipped 0.23% to 13,483.99, extending its recent downward trend.
