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Financial Chaos: Asia-Pacific Markets React Wildly to China’s PMI Data and Upcoming US Price Update

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Japan experienced a noteworthy 0.50% surge in its Industrial production for October, surpassing the anticipated 0.8%. In addition, Japan’s November consumer confidence index increased to 36.1 from the prior 35.7. However, Japan’s housing starts took a 6.3% year-on-year nosedive in October 2023, falling short of market predictions and September’s 6.8% decline.

Meanwhile, China’s November PMIs revealed a lower-than-expected manufacturing figure of 49.4 (anticipated 49.7) and service sector index of 50.2 (expected 51.1). As a result, China experienced a modest 0.29% increase in its stock market.

Australia, on the other hand, celebrated a positive uptick of 0.74% in its stock market, with the Australian October 2023 Private Sector Credit rising by 0.3% (expected +0.4%). New Zealand also saw improvements, as November business confidence soared to 30.8 from the previous 23.4, and October building permits spiked by 8.7% from the prior -4.7.

Despite these regional fluctuations, all three major U.S. indexes stagnated on Wednesday amidst apprehension from traders, stemming from an upward revision to US GDP growth and dovish comments from Fed officials. The upcoming US PCE report later in the day is eyed by market participants for potential cues to the Fed’s monetary policy trajectory.

The week ahead: Analysts and investors eagerly await the forthcoming US PCE report, anticipating its impact on the Fed’s future monetary policy moves.

Currencies of note: JPY:USD, CNY:USD, AUD:USD, INR:USD, HKD:USD, NZD:USD.

More on Asia:

  • China’s factory activity contracts more than anticipated; service sector experiences its slowest growth in 11 months

  • Japan’s factory output surpasses expectations in October; retail sales see a 4.2% year-on-year increase

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