Asia-Pacific markets opened December mixed Monday as traders parsed fresh manufacturing data from China and rising expectations of a U.S. Federal Reserve rate cut this month.
The Nikkei 225 crumbled 950.63 points, or 1.9%, to 49,303.28.
Among the bottom movers on the Nikkei were electrical equipment company Fujikura, down 8.94%, Sumitomo Pharma, which fell 5.86% and Advantest, which declined 4.25%.
In Hong Kong, the Hang Seng plowed ahead 174.37 points, or 0.7%, to 26,033.26.
CHINA
The CSI 300 in Shanghai gained 49.82 points, or 1.1%, to 4,576.49.
China’s factory activity unexpectedly contracted in November, according to a private survey released Monday, as soft domestic demand continued to cast a pall over the world’s second-largest economy.
The RatingDog China General Manufacturing PMI, conducted by S&P Global, dropped to 49.9 in November, missing analysts’ expectations of 50.5 in a Reuters poll. A reading above the 50 benchmark level suggests an expansion, while one below that indicates contraction.
The gauge follows official data released Sunday showing China’s factory activity improving slightly to 49.2 in November, but remained in contraction for the eighth consecutive month. Services weakened as the lift from earlier holidays faded.
Hong Kong-listed firms with exposure to digital assets plunged after the People’s Bank of China warned of illegal activities tied to digital currencies and the resurgence of speculation, according to a statement released by the central bank Saturday.
Stocks of Jack Ma-backed Yunfeng Financial and Bright Smart Securities & Commodities Group tumbled more than 7%, while Guotai Junan fell as much as 3%.
In other markets
In Korea, the Kospi retreated 6.22 points, or 0.2%, to 3,920.37
In Singapore, the Straits Times Index nudged up 6.22 points, or 0.2%, to 4,526.22.
In Taiwan, the Taiex dropped 283.95 points, or 1%, to 27,342.53.
In New Zealand, the NZX 50 dumped 40.66 points, or 0.3%, to 13,448.49.
In Australia, the ASX 200 lost 48.88 points, or 0.6%, to 8,565.20.
