China PMI RatingDog data, Fed rate cut
Aerial view of vehicles driving on the road in the central business district in Beijing, China, on October 5, 2020.
Zhang Qiao | Visual China Group | Getty Images
Asia-Pacific markets are set to open higher on Monday as traders await new manufacturing activity figures from China and rising expectations for a December rate cut by the US Federal Reserve.
Investors are pricing in an 87.4% interest rate cut for the Fed’s December 10 meeting. CME FedWatch Tool.
Investors in Asia will look to China’s November manufacturing purchasing managers’ index from RatingDog, a specialized survey of mainly export-oriented firms.
The indicator follows official data released on Sunday that showed China’s factory activity improved slightly in November but continued to contract for the eighth consecutive month. Services also weakened as the surge from previous holidays faded.
Japan’s reference point Nikkei 225 The index is set for a higher open, with the futures contract in Chicago trading at 50,405 and its counterpart in Osaka trading at 50,280, compared to the index’s last close of 50,253.91.
Australia’s ASX/S&P 200 index was flat in early trading.
Hong Kong futures Hang Seng Index It marked a higher open, trading at 26,022 compared to the index’s previous close of 25,858.89.
U.S. stock futures were little changed in early Asia after a gainful week.
On Friday, Wall Street in the US returned from the Thanksgiving holiday for a short trading session. Nasdaq Composite It closed the day at 23,365.69, up 0.65%, gaining for the fifth consecutive day.
Meanwhile, the S&P 500 index increased by 0.54% and settled at 6,849.09 points. The Dow Jones Industrial Average rose 289.30 points, or 0.61%, to finish at 47,716.42.
— CNBC’s Sean Conlon and Sarah Min contributed to this report.
