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China Leads Asian Market Decline



Asia-Pacific stocks fell on Monday as the Chinese market dropped due to a decline in property firms, while Japan’s service inflation surged to a 45-month high.

In Japan, the Nikkei 225 index dropped 177.86 points, or 0.5%, to 33,447.67.

Data showed Japan’s service PPI rose 2.3% in October to its highest level since January 2020 and more than the prior month’s reading of 2%.

In Hong Kong, the Hang Seng slipped 34.36 points, or 0.2%, to 17,525.06.

Australia will release its October inflation figures on Wednesday, which will offer clues to its central bank’s policy moves. India’s gross domestic product numbers for the three months ended September will be released late Thursday.

CHINA

In Shanghai, the CSI 300 slid 26.07 points, or 0.7%, to 3,511.94.

On Monday, China’s industrial profits continued to shrink in November, but at its slowest pace in almost a year, according to data released by the government.

The world’s second largest economy will release its official factory activity figures for November on Thursday, while the Caixin survey for the same metric will be out on Friday.

In other markets

In Singapore, the Straits Times Index lost 8.39 points or 0.3%, to 3,086.42.

In Taiwan, the Taiex plummeted 150 points, on 0.9%, to 17,137.42.

In Korea, the Kospi index was lower 0.97 points to 2,495.66.

In New Zealand, the NZX 50 subtracted 55.43 points, or 0.5%, to 11,155.79.

In Australia, the ASX 200 fell 57.11 points, or 0.8%, to 6,987.64.



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