Asian markets settle mostly down on Thursday

02 Jan 2025 Evaluate

Asian markets settled mostly down on Thursday on uncertainty around the outlook for US-China relations in the New Year, while traders cautiously awaiting more clues on the Federal Reserve's rate trajectory and US President-elect Donald Trump's fiscal and tariff policies. Chinese and Hong Kong shares fell sharply after data showed that the Caixin/S&P Global manufacturing PMI for China nudged down to 50.5 in December from 51.5 the previous month, undershooting forecasts. Although, Chinese President Xi Jinping said in his New Year's address that the country would implement more proactive economic policies in 2025 to hit the growth target of around 5%. Seoul shares ended marginally lower amid the ongoing political turbulence surrounding the impeachment trial and investigation against President Yoon Suk Yeol, while central bank governor Rhee Chang-yong said in a New Year's address that the pace of monetary policy easing would need to be flexible this year due to heightened political and economic uncertainty. Market sentiments weakened further after data showed South Korea's factory activity contracted in December. Japanese markets were remained closed for market holiday.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,262.56	-89.20	-2.73
Hang Seng	19,623.32	-436.63	-2.23
Jakarta Composite	7,163.20	83.29	1.18
KLSE Composite	1,632.87	-9.46	-0.58
Nikkei 225	--	--	--
Straits Times	3,800.81	13.21	0.35
KOSPI Composite	2,398.94	-0.55	-0.02
Taiwan Weighted	22,832.06	-203.04	-0.89

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