China inflation data, AI valuations
The N Seoul Tower and the historic Seoul Fortress Wall are seen. (Photo by Yelim LEE / AFP) (Photo by YELIM LEE/AFP via Getty Images)
Yelim Lee | Afp | Getty Images
Asia-Pacific markets opened higher Monday, after artificial intelligence valuation concerns fueled declines in markets across the region last week.
Investors in Asia are also parsing October inflation data from China over the weekend, which came in above expectations.
Headline consumer inflation was at 0.2% year on year, compared to expectations of zero growth from economists polled by Reuters. Wholesale inflation saw a softer-than-expected drop of 2.1% year on year, against the expected 2.2% decline.
Japan’s Nikkei 225 advanced 0.94%, while the broad-based Topix was up 0.24%. Yields of 10-year Japanese government bonds inched up to 1.69%, their highest since October.
South Korea’s Kospi climbed 2.76%, led by banks and insurance stocks, while the small-cap Kosdaq was 0.62% up.
Hong Kong’s Hang Seng index also joined the recovery rally, opening up 0.71%, while the CSI 300 on mainland China gained 0.22%.
Australia’s S&P/ASX 200 was up 0.61%.
On Friday stateside in the U.S., the Nasdaq Composite continued to fall, but the Dow Jones Industrial Average and S&P 500 inched into positive territory after Senate Minority Leader Chuck Schumer offered up a new plan to Republicans that would enable the record-breaking U.S. government shutdown to end.
A survey from the University of Michigan revealed Friday that consumer sentiment in the country has neared its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached their highest level for the month in 22 years.
—CNBC’s Sean Conlon and Pia Singh contributed to this report.
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