Asian stocks ended the year in the red today after worries about 2025 and profit-taking turned Wall Street’s usual holiday-period “Santa Claus rally” into a mini-rout. The three main US indices all slumped around one per cent yesterday, adding to Friday’s losses, with Tesla down 3.3 per cent and Facebook owner Meta off 1.4 per cent. Volumes were thin but brokers said investors were locking in gains after a bumper 2024, particularly for the “Magnificent Seven” troop of US tech giants.
Concerns about the slow pace of US interest rate cuts by the Federal Reserve and uncertainty about incoming president Donald Trump’s tariff plans were also souring the mood. “In Asia, notably China, tariffs may appear to be a manageable obstacle if they were the only concern,” said Stephen Innes at SPI Asset Management. “However, China’s economic difficulties go well beyond simple trade conflicts. The nation is also contending with serious domestic consumption challenges and self-induced setbacks in its technology sector,” Innes said. China’s Purchasing Managers’ Index (PMI) for manufacturing was 50.1 in December, signalling a third consecutive month of expansion, official data showed today. “Increased policy support towards the end of the year has clearly provided a near-term boost to growth,” said Gabriel Ng of Capital Economics. Tokyo was shut today, with the Nikkei 225 posting yesterday its best year-end close since Japan’s asset bubble burst in the 1990
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