Asia-Pacific markets were mostly traded higher on Monday as investors digested China’s weekend press conference and anticipated upcoming economic data releases for the week in the region.
The CSI 300 in Mainland China initially rose but later declined by 0.3% during volatile trading, contrasting with Hong Kong’s Hang Seng index which dropped by 2.2%. Notably, the Hang Seng Mainland Properties Index saw an increase of approximately 2%, while the Hang Seng Tech index recorded a decrease of 4.5%.
During a Saturday press conference, China’s Minister of Finance Lan Fo’an announced a significant increase in government debt issuance to provide assistance to low-income households, bolster the property market, and fortify the capital of state banks as part of initiatives to jumpstart economic growth. This announcement comes on the heels of the central bank and regulators’ most aggressive monetary stimulus measures, such as mortgage rate cuts, introduced in late September.
Looking ahead, China is slated to unveil its trade figures for September, with exports anticipated to grow by 6%, a decrease from the 8.7% expansion in August, and imports expected to increase by 0.9%, up from 0.5% in August.
Market analysts are keeping a close watch on China’s upcoming economic data releases, including third-quarter GDP figures, September industrial output growth, retail sales, and the unemployment rate, which are set to be published throughout the week.
Elsewhere, Japan’s Nikkei rose 0.43%, while Australia’s ASX200 gained 0.51%. Korea’s Kospi rose 0.58%.
