Asian markets traded mixed on Monday following a slight dip in US stocks from their all-time high. The official manufacturing purchasing managers index in China fell to 49.1 in January, indicating contraction. Meanwhile, the Hang Seng in Hong Kong rose, while Tokyo's Nikkei 225 declined after the Bank of Japan raised its benchmark interest rate.
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Zichun Huang of Capital Economics said the slowdown might be temporary given increased government spending. Tokyo’s Nikkei 225 gave up 0.6% to 39,699.76, extending losses after the Bank of Japan raised its benchmark interest rate to 0.25%, its highest level since 2008. Trading was quiet, aided by relative steadiness in the bond market, which has been driving much of the action on Wall Street lately. When worries about. When concerns ebb, such as after last week’s encouraging update on inflation, yields have eased and helped stocks rise.for big U.S. companies has also helped prop up the stock market. Even if higher Treasury yields are pushing downward on their stock prices, companies can make up for it by delivering bigger profits.
On the winning side of Wall Street were Novo Nordisk’s U.S.-listed shares, which jumped 8.5%. The Danish company reported results from a clinical trial of a treatment for people who are overweight or obese, which could mean bigger profits in the future.
ASIAN MARKETS US STOCKS CHINA MANUFACTURING BANK OF JAPAN INTEREST RATE
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