Stock market today: Asian shares gain as China is boosted by strong factory orders
Shares have started the week higher in Asia, led by gains in China as monthly surveys showed improving conditions for manufacturing
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Shares started the week higher in Asia, led by gains in China as monthly surveys showed improving conditions for manufacturing.
Oil prices rose and U.S. futures edged lower.
Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by President-elect Donald Trump once he takes office.
On Saturday, President-elect Donald Trump threatened 100% tariffs against the so-called BRIC bloc of nine nations if they act to undermine the U.S. dollar. The BRICs include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Trump said he wants the bloc to promise it won't create a new currency or otherwise try to undercut the U.S. dollar.
“Asia’s markets are riding a wave of optimism, catching a significant tailwind from Wall Street’s record-setting day on Friday and buoyed further by emerging signs that China’s economic funk might be easing,” Stephen Innes of SPI Asset Management said in a commentary.
He noted that investors are also anticipating further moves by authorities in China to boost the economy ahead of Trump's inauguration next month.
Hong Kong's Hang Seng gained 0.2% to 19,468.27, while the Shanghai Composite index jumped 1% to 3,360.38. Taiwan’s Taiex surged 2.4%.
In Tokyo, the Nikkei 225 index surged 0.7% to 38,482.47.
Automaker Nissan Motor Corp.'s shares fell 1% as reports said the company's CFO, Stephen Ma, plans to step down as the company slashes jobs and production due to weakening sales in China and other markets.
In South Korea, the Kospi added 0.4% to 2,466.24, while Australia's S&P/ASX 200 edged 0.1% to 8,440.00.
In Bangkok, the SET was nearly unchanged.
Friday's half-day post-Thanksgiving session ended with the S&P 500 up 0.6% at 6,032.38, while the Dow Jones Industrial Average gained 0.4% to 44,910.65. The Nasdaq added 0.8% to 19,218.17.
Some retailers advanced as Black Friday unofficially kicked off the holiday shopping season, although retailers had been offering early deals for weeks. Macy’s and Best Buy each gained around 2%.
Tesla shares rose 3.7% Friday and posted a monthly increase of more than 38%. The electric vehicle maker is expected to benefit from CEO Elon Musk’s support of Trump.
Musk also gave a boost to Hasbro shares after he triggered takeover speculation when he asked in a post on X how much the toy and game company was worth. Hasbro, which owns the role-playing game Dungeon & Dragons, rose 2%.
Apple rose 1.1%. The technology giant is hoping recently added artificial intelligence features are enough to entice consumers to treat themselves or their relatives to a new iPhone for the holidays.
Bitcoin, which has been nudging toward $100,000, was trading at 96,911.32, according to Coin Desk.
In other dealings early Monday, U.S. benchmark crude oil gained 37 cents to $68.37 per barrel. Brent crude, the international standard, picked up 40 cents to $72.24 per barrel.
The U.S. dollar rose to 150.75 Japanese yen from 149.70 yen. The euro slipped to $1.0519 from $1.0589.