A worker assembling a loader transmission mechanism at a manufacturer in Qingzhou, China.
Nuphoto | Nuphoto | Getty Images
Asia-Pacific markets fell on Tuesday as Chinese manufacturing growth beat expectations, but the country’s benchmark CSI 300 closed the year higher, ending three years of losses .
that of Hong Kong Hang Seng Indexwhich ended a shortened trading day slightly higher at 20,059.95, also ended a four-year losing streak with gains of nearly 18% in 2024.
Mainland China’s CSI 300 index fell 1.6% to close the day at 3,934.91, but ended the year with annual gains of around 15% after posting losses in 2023, 2022 and 2021.
China’s purchasing managers’ index for December came in at 50.1, below expectations, signaling that Beijing’s stimulus measures were not enough to significantly revive the country’s struggling economy .
Analysts polled by Reuters had forecast a reading of 50.3, the same as in November. A number above 50 indicates an expansion in activity, while a number below this level indicates a contraction.
Australia S&P/ASX200 fell 0.92% to close at 8,159.1 on a shortened trading day. It extended its gains for a second consecutive year, growing 8.5% in 2024.
Taiwan’s Taiex led annual gains among Asian markets, rising more than 29% in 2024. The index fell 0.67% to 23,035.10 on Tuesday.
Stock markets in Japan and South Korea were closed for the New Year holidays. Consumer inflation in South Korea accelerated in December, up 1.9% year-on-year. The CPI stood at 1.5% in November. On a monthly basis, prices increased by 0.4% this month.
In the United States, stocks fell overnight as a record year for investors appeared to end on a sour note.
Trading was choppy throughout the day and the Dow Jones lost more than 700 points at the session’s low. There was no apparent catalyst for Monday’s decline.
THE Dow Jones Industrial Average lost 418.48 points, or 0.97%, to close at 42,573.73. THE S&P500 fell 1.07% to 5,906.94, and the Nasdaq Composite slipped 1.19% to 19,486.78.
— CNBC’s Vinay Dwivedi, Jesse Pound and Samantha Subin contributed to this report.
