Market Commentary - Foreign Markets
Chinese markets retreat after weak inflation data As on : 09-Dec-24  16:29

Asian stocks retreated on Monday, as Chinese inflation data signaled continued demand weakness and political turmoil continued in South Korea after President Yoon survived impeachment.

Japanese markets outperformed to end slightly higher after Q3 GDP was revised higher, testing bets on a December Bank of Japan rate hike.

The U.S. started the week on a firm note as Syrian rebels seized the capital Damascus unopposed on Sunday in historic turn of events, bringing an abrupt end to President Bashar al-Assad's 13-year rule and the six-decade-long dominance of the Assad family.

Oil and gold prices edged higher in Asian trading due to rising tensions in the Middle East.

China's Shanghai Composite index finished marginally lower at 3,402.53 as weak inflation readings underscored the need for more drastic stimulus measures. Hong Kong's Hang Seng index closed up 2.76 percent at 20,414.09 after a late surge.

China's consumer price inflation eased unexpectedly to a five-month low in November and producer prices decreased for the 26th consecutive month, suggesting that the sequence of stimulus measures initiated by Beijing had limited impact on reviving domestic demand.

The consumer price index posted an annual increase of 0.2 percent, the National Bureau of Statistics reported Monday. Producer prices fell 2.5 percent on a yearly basis but slower than the 2.9 percent decrease posted in the previous month.

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