A man walks along The Bund during the passage of Typhoon Bebinca in Shanghai on September 16, 2024. The strongest storm to hit Shanghai in over 70 years made landfall on September 16, state media reported, with flights cancelled and highways closed as Typhoon Bebinca lashed the city with strong winds and torrential rains.
Hector Retamal | Afp | Getty Images
Asia-Pacific markets were mostly higher Monday, as investors parsed through economic data from China and awaited the Federal Reserve’s monetary policy move.
Hong Kong’s Hang Seng index was up 0.13% as of its final hour of trading, reversing course in a choppy session.
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.
Australia’s S&P/ASX 200 rose 0.27% to close at 8,122.60. The Taiwan Weighted Index added 0.42% to end at 21,850.08.
Markets in mainland China and South Korea were closed for Mid-Autumn festival. Japan markets were closed for Respect for the Aged Day.
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%.
