Stocks in the Asian region were mostly seen trading lower on Monday as the market focus on the release of China’s inflation report for October.
The Japanese Nikkei 225 index fell 0.76% to 16,751.82 points during the early trading hours, while Tokyo’s Topix index edged 0.58% lower to 1,355.75 points.
The Topix rose by 16% in the last three weeks through Nov 7, climbing to a six-year higher after the Bank of Japan increased its stimulus and Japan’s pension fund said it will purchase more shares.
The Japanese yen strengthened against the US dollar on Monday, trading around 114.4 yen on Monday versus 115.20 yen on Friday, dragging exporters lower.
Hitachi sank 1.5% lower, while Pioneer lost 6% and Olympus declined 3%. On the positive side, Sony rose 2%, while Panasonic gained 1%.
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Hong Kong’s Hang Seng index added 2.3% to 24,091.75 points, while the Chinese mainland Shanghai Composite rose 1.2% to 2,447.47 points at the time of writing after Hong Kong Exchange & Clearing reported that cross trading between two bourses will begin on November 17.
A report from the National Bureau of Statistics showed that China’s producer price index fell 2.2% from the previous year, compared to analysts’ projection of a 2% drop. Consumer prices advanced 1.6%.
Shipments from the world’s second largest economy rose 11.6% from the previous year, surpassing forecast of 10.6% made by analysts, while Imports increased 4.6%.
The South Korean Kospi index rallied 1.055 to 1,960.22 points, while Australia’s benchmark S&P/ASX 200 index fell 0.63% lower to 5,514.30 points.
In Sydney, bankers saw major losses, with Westpac falling by more than 3%, Commonwealth Bank of Australia declined 0.9%, National Australia Bank lost 0.75 and ANZ slumped by 1.3%.
Stocks in the European region were seen trading higher on Monday.
The European Euro Stoxx 50 added 0.42% to 3,077.77, while the French CAC 40 advanced 0.49% to 4,210.59. The German DAX 30 index gained 0.19% to 9,309.86 and the UK’s FTSE 100 was up 0.36% to 6,591.10 at the time of writing.
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