Asia-Pacific markets were mostly higher Monday, as investors parsed through economic data from China and awaited the U.S. Federal Reserve’s monetary policy move.
Markets in Japan, Shanghai and Korea were closed.
In Hong Kong, the Hang Seng Index gained 53.03 points, or 0.3%, to 17,422.12.
China released a slew of worrying economic data over the weekend, with August factory output, retail sales and investment numbers missing expectations. Urban jobless rate rose to a six-month high while year-on-year home prices fell at their fastest pace in nine years.
The Fed is meeting on Tuesday and Wednesday, with central bankers expected to cut rates for the first time since 2020.
Typhoon Bebinca has led to cancellation of hundreds of flights in China and Shanghai is expected to be hit by the strongest storm since 1949.
Asian investors also await a swath of key data and central bank decisions from the region.
Japan’s inflation is expected to tick higher in August, according to a Reuters poll, backing the case for the Bank of Japan to stay hawkish as the board sets its policy on Friday.
The central bank is anticipated to keep the rate unchanged while signaling that further rate hikes were in the offing.
The Japanese yen strengthened Monday morning to trade at 140.49 against the greenback. If the yen holds these levels, the currency will close at its strongest in more than a year.
China is poised to set its one- and five-year loan prime rates on Friday. The one-year rate, which affects most new and outstanding loans, is currently at 3.35%, while the five-year rate, that influences the pricing of mortgages, is currently at 3.85%.
In other markets
In Taiwan, the Taiex index forged ahead 90.43 points, or 0.4%, to 21,850.08.
In Singapore, the Straits Times Index inched up 7.78 points, or 0.2%, to 3,570.43.
In New Zealand, the NZX 50 ditched 128.16 points, or 1%, to 12,704.39.
In Australia, the ASX 200 picked 21.65 points, or 0.3%, to 8,121.60.
