Asian stock markets were mixed on Monday after ending the previous week with a big rally, as a top US central banker urged investors not to get too excited over one inflation data, while Chinese stocks climbed following policy shifts on Covid curbs and the property sector.
The Hang Seng index in Hong Kong opened the day up 3% and was last up 1.77% as of 9.27 AM (Thai time). In mainland China, the Shanghai Composite added 0.50%.
The Nikkei 225 in Japan dropped 0.67% as tech giant SoftBank slumped 11% after reporting additional losses at its Vision Fund.
Similarly, Australia’s S&P/ASX 200 and South Korea’s Kospi both began the day slightly lower.
Although the United States reported lower-than-anticipated inflation in October, Federal Reserve Governor Christopher Waller said it would take a series of soft reports for the bank to ease off the brakes.
Waller also noted that the market was overreacting to a single inflation reading, though he did allow that the Fed might consider slowing the pace of its hikes going forward.
Regional stocks closed higher last week as a result of reports that U.S. consumer prices climbed by less than predicted and China might relax some of its Covid regulations. This was the highest single-day close for the Hang Seng since March 16.
Japan is set to release GDP, trade, and consumer inflation figures later this week.
