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Australia Market Opens Lower as China Manufacturing Data Disappoints

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Australia,Market,China

The Australian market started the last trading day of the year with losses, reacting to weaker-than-expected manufacturing data from China and a decline in U.S. stocks.

Australia market opened lower on the last trading day of the year, while investors in Asia assessed manufacturing data out of China. China's purchasing managers' index for December came in at 50.1, missing expectations, signaling that Beijing's stimulus measures were not sufficient to meaningfully boost the country's ailing economy. Analysts polled by Reuters forecast a reading of 50.3, the same as November PMI.

A reading above 50 indicates expansion in activity, while a figure below that level points to contraction. Japan and South Korea's stock markets are closed for the New Year's Eve holiday. South Korea's consumer inflation accelerated in December. Overnight in the U.S., stocks moved lower in one of the final trading sessions of 2024, as a banner year for investors appears to be ending on a sour note. Trading was choppy throughout the day, and the Dow was down more than 700 points at session lows. There was no apparent news catalyst for Monday's decline, and trading was expected to be light given the shortened wee

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