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Asia-Pacific markets experienced broad declines on Monday, with Hong Kong’s Hang Seng Index leading the losses following weaker economic data from both China and the US. A lackluster US jobs report from Friday, along with softer data from China and Japan, weighed heavily on sentiment across the region.
Patrick Munnelly of TickMill commented on the cautious mood, noting that markets were in a "risk-off" stance as the S&P 500 ended a three-week winning streak, dropping 4.2%. Technology sectors were particularly hard hit, with a 7.1% decline, reflecting nervousness across the industry. Following Friday's negative signals from global markets, Asian markets followed suit, reacting to China’s weakening inflation statistics.
In Japan, the Nikkei 225 fell by 0.48% to 36,215.75, while the broader Topix index dropped 0.68% to 2,579.73. Technology stocks led the declines, with major companies like Lasertec falling 4.8%, Isuzu Motors down 3.78%, and Kawasaki Kisen Kaisha losing 3.38%. Despite an early dip below the 36,000 mark, the Nikkei managed to recover as bargain hunters stepped in.
China’s major indexes also posted losses, with the Shanghai Composite dropping 1.06% to 2,736.49 and the Shenzhen Component slipping 0.83% to 8,063.27. Significant declines were seen in companies such as Shanghai Jin Jiang International, Shanghai DaZhong Public Utilities, and Dazhong Transportation, all of which fell by around 10%.
Hong Kong’s Hang Seng Index was the worst performer in the region, falling 1.42% to 17,196.96. Key stocks like PetroChina, Hansoh Pharmaceutical, and Orient Overseas International saw sharp declines of over 5%.
South Korea’s Kospi index fell 0.33% to 2,535.93, with major companies like POSCO Future M and Samsung Card suffering losses. Australia’s S&P/ASX 200 also declined 0.32% to 7,988.10, with substantial drops in Super Retail Group and Nib Holdings. New Zealand’s S&P/NZX 50 was an outlier, edging up 0.05% to 12,621.62, led by gains in Oceania Healthcare and Skellerup Holdings.
In currency markets, the dollar strengthened, rising 0.86% against the yen and gaining ground on both the Australian and New Zealand dollars. Oil prices also saw an uptick, with Brent crude rising 1.17% and West Texas Intermediate up 1.26%.
Japan’s GDP growth for the second quarter came in below expectations, growing at an annualized rate of 2.9%, while China’s inflation data reflected weak domestic demand, with core inflation at its lowest in three years.
