“Asia stock market witnesses a robust recovery as tech giants lead the charge, defying global uncertainties and boosting investor confidence.”
Asia-Pacific markets continued their sell-off ahead of a week of inflation readings from across the region and South Korea’s third-quarter gross domestic product numbers.
In Australia, the S&P/ASX 200 fell 0.82%, extending declines from last week for a third straight session of losses. Japan’s Nikkei 225 slipped 0.83% to end the day at 30,999.55, the third time the index closed below the 31,000 mark this month. South Korea’s Kospi closed 0.76% lower at 2,357.02, marking its third day of losses.
Hong Kong’s markets were closed for a holiday Monday, but the mainland Chinese CSI 300 index closed down 1.04% to slump to its lowest closing level since February 2019 at 3,474.24.
On Friday in the U.S., all three major indexes retreated as a surge in the 10-year Treasury yield prompted broader concerns about the state of the economy. The S&P 500 shed 1.26%, notching its first losing week in three, while the Nasdaq Composite dropped 1.53% and the Dow Jones Industrial Average lost 0.86%.
Investors will be closely watching the upcoming inflation readings from Asia-Pacific countries, as they can provide insights into the health of the region’s economies and potentially impact monetary policy decisions. Additionally, South Korea’s GDP numbers will offer further clues about the country’s economic recovery.
It is crucial for investors to stay informed about market developments and economic indicators to make well-informed investment decisions.