Asian Stocks Fall as China Manufacturing Slows

Most Asian stocks declined on Thursday, tracking a subdued year-end performance on Wall Street. Chinese stocks fell sharply after data showed a slower-than-expected rise in the country’s manufacturing activity. Most major stock markets were closed a day earlier for the New Year holiday. Japanese and New Zealand markets remain shut. U.S. stock index futures were lower in Asian trade on Thursday, after Wall Street declined at the end of 2024 as a “Santa Rally” largely failed to materialize.

China’s manufacturing sector saw weaker-than-anticipated growth in December, according to private purchasing managers' index (PMI) data released on Thursday, suggesting that the impact of recent stimulus measures is waning. The Caixin PMI results follow government data earlier this week, which also indicated that the manufacturing sector expanded in December but at a pace below expectations. Markets are holding out for more clarity on Beijing’s plans for stimulus measures in the coming year. Recent reports suggested that the country will ramp up fiscal spending to support economic growth.Data showed that Singapore’s economy experienced minimal growth in the fourth quarter, weighed down by sluggish export demand and slowing growth in China. Although on an annual basis, the economy grew more than 4% in 2024. Singapore’s GDP rose 0.1% in the three months to December 31, substantially below the expectations of 2% and much slower than the 3.2% growth seen in the prior quarter. While Singapore’s financial sector remained resilient, manufacturing faced persistent challenges from weakening overseas demand, particularly in the electronics sector.Most Asian stock indexes posted yearly gains in 2024, however, markets are facing downward pressures from the last few months due to global uncertainty. Incoming U.S. President Donald Trump has vowed to impose additional tariffs on China, which is expected to spark a potential U.S.-China trade war this year after Trump takes office later this month

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