Asian stocks ended the year in the red on Tuesday 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 percent on Monday, adding to Friday's losses, with Tesla down 3.3 percent and Facebook owner Meta off 1.4 percent.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, signaling a third consecutive month of expansion, official data showed on Tuesday. '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 on Tuesday, with the Nikkei 225 posting on Monday its best year-end close since Japan's asset bubble burst in the 1990s.Elsewhere among major Asian indices, the Hang Seng was the only bright spot, up 0.7 percent by late morning, while stocks in China, South Korea and Australia all dipped.The Philippine Stock Exchange was closed for a holiday.Rescuers handed over the first bodies from Sunday's crash by a Jeju Air Boeing 737-800 to grieving families on Tuesday, South Korea's deadliest air disaster on its own soil in which 179 people were killed.Boeing shares fell more than five percent on Wall Street on Monday before recoverin
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