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Asian Stocks Up, Chinese Data Exceeds Expectations

Stock MarketsDec 30, 2021 09:10PM ET
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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Friday morning, potentially boosted by better-than-expected Chinese data and a rally in U.S.-listed Chinese equities. Trade was thin, with it being the last trading day of 2021 in some countries.

China’s Shanghai Composite gained 0.52% by 10:03 PM ET (2:03 AM GMT) while the Shenzhen Component was up 0.21%. Data released earlier in the day showed that December’s manufacturing purchasing managers index (PMI) was 50.3, and the non-manufacturing PMI was 52.7. Both figures were above the 50-mark indicating growth.

Investors also continued to monitor China’s property sector, particularly some initial coupon payment deadlines for Kaisa Group Holdings Ltd.'s (HK:1638) dollar bonds.

Hong Kong’s Hang Seng Index jumped 1.94% while in Australia, the ASX 200 fell 0.48%. Both markets will close early, while Japanese and Korean markets are closed all day.

The Nasdaq Golden Dragon China Index soared 9.4% on Thursday, the most since 2008, but is still down more than 40% for 2021.

Global equities are closing out a strong year, mainly due to a U.S. rally while Asia Pacific lagged behind. Bond investors are also nursing losses as central banks move to tighten monetary policy to curb high inflation. How this policy shift and COVID-19 will shape economic reopening are key for the outlook in the new year.

“As we look forward to 2022 the gains are probably going to be more modest than they’ve been in the past year or so” partly given where valuations are now, Glenmede chief investment officer for private wealth Jason Pride told Bloomberg.

But there is reason to be optimistic since “we’re still in the recovery from COVID-19,” he added.

In the U.S., data released on Thursday showed that initial jobless claims unexpectedly fell to 198,000 last week, while the Chicago PMI was a higher-than-expected 63.1 for December.

Meanwhile, U.S. President Joe Biden had a 50-minute conversation with his Russian counterpart, Vladimir Putin on Thursday, ahead of three sets of negotiations on European security in January 2022.

During the call, Biden urged Putin to de-escalate tensions with Ukraine, warning that the U.S. and its allies would “respond decisively” if Russia invades. Russia, for its part, was “happy and satisfied” with the “constructive” conversation in which the two leaders agreed to keep in regular contact during the negotiations.

Asian Stocks Up, Chinese Data Exceeds Expectations
 

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Comments (7)
Max German
MaxiGE Dec 31, 2021 2:14AM ET
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chinese data exceeds expectations lol since when do we trust china?
perplexed76 .
perplexed76 . Dec 31, 2021 1:42AM ET
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"investors" in despare, they rely on false chinese data.
Jack Zydron
Jack Zydron Dec 30, 2021 11:53PM ET
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Mild cases, sore throats and headaches. Daily deaths at the lowest ever. have we lost our sanity or media and governments. This will explode in next days. all in green!!! This is exactly like flu now and we should be glad that we are dealing with mild symptoms. We should be reaching herd immunity fairly quickly.
perplexed76 .
perplexed76 . Dec 30, 2021 11:53PM ET
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the main point vacination doesn't help, the next variant can be much worse
Todd Gray
Todd Gray Dec 30, 2021 11:53PM ET
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markets are grossly overvalued. might be a huge selloff during the next week or two. And, Covids been overhyped by at least one order of magnitude.
Richard Tomlin
Richard Tomlin Dec 30, 2021 11:25PM ET
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it's red now this article came out to early lol
perplexed76 .
perplexed76 . Dec 30, 2021 11:25PM ET
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red means green
ZS Beck
ZS Beck Dec 30, 2021 10:48PM ET
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I don't believe anything comes out from that country
Richard Ash
Richard Ash Dec 30, 2021 10:48PM ET
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Which country? USA?i
Peter ONeill
Peter ONeill Dec 30, 2021 10:43PM ET
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I don't think it was necessarily a rally in Chinese stocks - more funds diversifying their mixes and buying undervalued or beaten-down stocks (versus buying overstretched valuations). All trying to find value to add to the portfolios before the year-end. If you look at all of the big rises today yes most were Chinese - as Chinese stocks have been hard hit by Chinese regulation changes etc. But you also saw big rises for Beyond Meat, Teladoc, Affirm, Zoom etc - all shares that have dropped considerably from highs and were hit hard over the past 3+ months.
Raja Tampan
Raja Tampan Dec 30, 2021 10:11PM ET
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If today is not the last day before new year. It would be bearish scenario in Asia.
Jurgen Daub
Jurgen Daub Dec 30, 2021 10:11PM ET
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excuses
 
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