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Asian stocks mixed amid weak China data after Wall Street closes the best week of 2024

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Financial Markets,General News,Federal Reserve System

Asian stocks are mixed with several key markets closed for a holiday, after U.S. stocks finished their best week of the year and climbed to the cusp of their records. Hong Kong’s Hang Seng dropped on Monday after data released over the weekend showed a slowdown in China’s economy in August.

FILE - A person looks at an electronic stock board showing Japan’s Nikkei index at a securities firm in Tokyo, on Sept. 9, 2024. FILE - A currency trader passes by a screen showing the Korea Composite Stock Price Index , top center left, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Sept. 4, 2024. FILE - A person looks at an electronic stock board showing Japan’s Nikkei index at a securities firm in Tokyo, on Sept. 9, 2024.

“The drums of a deepening economic slowdown are beating louder, and it’s time for China’s leadership to decide whether to step up or risk sliding further into stagnation,” Stephen Innes of SPI Asset Management said in a commentary.Markets in Japan, mainland China and South Korea were closed for a holiday.

The Dow Jones Industrial Average jumped 0.7% to 41,393.78 and the Nasdaq composite added 0.7% to 17,683.98. How much to cut rates by will be a delicate balancing act for the Fed: Lowering them relieves pressure on the economy but can also give inflation more fuel. Reportsshowed some underlying upward pressure may remain on inflation, which initially pushed traders to ratchet back expectations for the size of the Fed’s upcoming move.

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