China’s factory activity at lowest reading since April; Hong Kong stocks briefly rise 2%

China’s factory activity at lowest reading since April; Hong Kong stocks briefly rise 2%

Asia-Pacific shares were mostly higher on Wednesday as the reading for China’s November factory activity fell short of expectations, dropping to the lowest reading since April 2022.

Hong Kong’s Hang Seng index briefly rose 2% in its final hour of trade, with the Hang Seng Tech index trading 2.66% higher. In mainland China, the Shanghai Composite closed little changed at 3,151.34, while the Shenzhen Component gained 0.176% to 11,108.50.

Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, an indicator which is seen as important for reopening the economy, while saying it is “closely watching the virus” for developments when asked if the ongoing unrest would lead to a shift in its zero-Covid policy.

TICKER COMPANY NAME PRICE CHANGE %CHANGE 
.N225Nikkei 225 Index*NIKKEI27968.99-58.85-0.21
.HSIHang Seng Index*HSI18597.23392.552.16
.AXJOS&P/ASX 200*ASX 2007284.230.90.43
.SSECShanghai*SHANGHAI3151.341.590.05
.KS11KOSPI Index*KOSPI2472.5339.141.61
.FTFCNBCACNBC 100 ASIA IDX*CNBC 1007878.1957.840.74

In Australia, the S&P/ASX 200 pared earlier losses and traded 0.43% higher after its monthly inflation indicator showed some slowing for October, and closed at 7,284.20. The Nikkei 225 shed 0.21% to 27,968.99 and the Topix slipped 0.37% to 1,985.57.

South Korea’s Kospi reversed losses to rise 1.61% to 2,472.53. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.18%.

Japan’s Fast Retailing and electric-vehicle maker Xpeng are set to report earnings, and Fed Chair Jerome Powell will be delivering a speech at the Brookings Institution on Wednesday.

Overnight in the U.S., major indexes ended the session lower.


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