Asian stock markets concluded Tuesday on a subdued note, as investors anxiously awaited additional U.S. economic data, particularly Friday’s non-farm payrolls report for August, to assess the Federal Reserve’s likely rate cut later this month.Regional markets were further impacted by signs of sluggish demand in China and escalating tensions in the Middle East.In Asian trading, both oil and gold prices declined as the dollar continued its rebound ahead of the release of manufacturing and service PMI readings.China’s Shanghai Composite Index fell by 0.29 percent to 2,802.98, pressured by losses in banking and energy stocks. Similarly, Hong Kong’s Hang Seng Index dropped 0.23 percent to 17,651.49.Sanergy Group, a graphite products manufacturer, plunged by 98 percent following a warning from Hong Kong’s securities regulator regarding its highly concentrated ownership.Japanese stocks also ended lower, influenced by the yen’s recovery from a two-week low earlier in the session. The Nikkei average closed slightly lower at 38,686.31, while the broader Topix index rose 0.64 percent to 2,733.27.Tech stocks such as Advantest and Tokyo Electron declined by 1-2 percent respectively.Conversely, banking stocks advanced amid rising bond yields both domestically and internationally. Mitsubishi UFJ Financial Group surged by 3.3 percent, and Mizuho Financial Group increased by 2.6 percent.South Korean stocks experienced notable declines despite soft inflation data supporting the case for a rate cut next month. The Kospi average fell 0.61 percent to 2,664.63, with technology stocks leading the downturn. Samsung Electronics dropped 2.6 percent, and SK Hynix fell by 3.3 percent.Data indicated that South Korea’s headline inflation decreased from 2.6 percent to 2.0 percent in August, marking the lowest year-on-year level since March 2021.Australian markets closed marginally lower, primarily due to declines in consumer-related and mining stocks. Retailer Woolworths fell by 1.7 percent following its decision to sell its stake in liquor stores.In New Zealand, the benchmark S&P/NZX-50 Index eased by 0.17 percent to close at 12,534.51.U.S. markets were closed on Monday in observance of Labor Day.The material has been provided by InstaForex Company – www.instaforex.com
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