Asia-Pacific stocks mostly gained on Monday as markets entered what ING described as a “quiet” week for regional economic data. Key upcoming releases include China’s loan prime rate (LPR) on Wednesday, with no changes expected. The one-year LPR is at 3.1%, and the five-year rate is 3.6%. Japan will unveil trade data on Tuesday and headline inflation figures for October on Friday, while Australia’s central bank will release meeting minutes the same day.
Japan’s markets were the exception, as the Nikkei 225 fell 0.8%, and the Topix declined 0.47%. Meanwhile, South Korea’s Kospi surged 2.09%, driven by gains in Samsung Electronics, and the Kosdaq rebounded 0.93%. Australia’s S&P/ASX 200 edged slightly higher, while Hong Kong’s Hang Seng Index rose 1.38%, and China’s CSI 300 added 0.78%.
In contrast, U.S. markets closed lower on Friday, with all three major Wall Street indexes declining. Concerns over interest rates and a selloff in pharmaceutical stocks weighed on performance. The Dow Jones Industrial Average dropped 0.70%, the S&P 500 slid 1.32%, and the tech-focused Nasdaq Composite fell 2.24%. Pharmaceutical losses, including a 4.2% drop in Amgen and a 7.3% slide in Moderna, pressured the Dow and S&P 500.
These declines followed President-elect Donald Trump’s announcement to nominate vaccine-skeptic Robert F. Kennedy Jr. to head the U.S. Department of Health and Human Services, raising concerns within the healthcare sector.
The post Monday 18th November 2024: Asia-Pacific Stocks Climb Amid Quiet Economic Week first appeared on IC Markets | Official Blog.
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