TOKYO (AP) — Asian stocks were mixed Monday as investors awaited a round of U.S. economic data expected to be released later in the week.
Japan’s benchmark Nikkei 225 index lost 0.6% to end at 33,231.27. Australia’s S&P/ASX 200 gained 0.7% to 7,124.70. South Korea’s Kospi rose 0.5% to 2,516.89. Hong Kong’s Hang Seng lost 0.5% to 16,749.07, while the Shanghai Composite edged down 0.2% to 3,026.43.
China Evergrande Shares traded in Hong Kong rose 7% after a Hong Kong court postponed a hearing into its plan to restructure its huge debts until January 29. The company faces possible liquidation if creditors reject its restructuring plan.
Among the economic updates expected this week are labor market data, including the U.S. government’s closely watched monthly jobs report for November.
“Traders are bracing for a series of actionable U.S. economic data scheduled for release this week, which promises to be crucial in sharpening traders’ expectations for Federal Reserve policy. The insights gleaned from this data could prove crucial,” said Stephen Innes, managing partner at SPI Asset Management.
Inflation data is also expected this week for several Asian countries, including Japan, Thailand and the Philippines.
Wall Street ended last week with a fifth straight gain, with the S&P 500 hitting its highest level in more than a year, gaining 0.6%.
The Dow Jones Industrial Average closed up 0.8%, while the Nasdaq composite added 0.6%. Gainers outnumbered decliners by about 6 to 1 on the New York Stock Exchange.
The view that the United States The Federal Reserve is finally finished Raising interest rates to curb inflation has been a positive for markets. The data appears to show a slowdown in inflation since last year.
A U.S. government report released Friday showed construction spending continued to rise in October, beating economists’ growth forecasts.
Treasury yields fell broadly amid sentiment that the Fed’s aggressive rate-hiking policy is over and potentially headed for a reversal. On Friday, the 10-year Treasury yield, which influences mortgage rates, rose to 4.25% from 4.21% Friday evening. It reached 5.00% in October.
The two-year Treasury yield fell to 4.55% from 4.70% Thursday evening. Falling bond yields have helped ease pressure on stocks, particularly technology stocks.
Investors began December on track to close out the year with strong gains. For the year, the S&P 500 is up 19.7% and the Nasdaq composite is up 36.7%. Small company stocks also recently rose for the year following the recent market rally. The Russell 2000 index is now up 5.8% for the year.
In energy trading, benchmark U.S. crude lost 34 cents to $73.73 a barrel in electronic trading on the New York Mercantile Exchange. Overall, oil prices have been falling for several months. Brent crude, the international standard, fell 44 cents to $78.44 a barrel.
In currency trading, the U.S. dollar fell to 146.69 Japanese yen from 146.76 yen. The euro cost $1.0877, up from $1.0885.
